Teva’s share price in New York dropped 9% following a US court’s ruling against the company. The court decided that four of Teva’s patents for its top-selling Copaxone multiple sclerosis treatment are invalid.
Teva Photo Credit: Reuters/Channel 2 News
A US court invalidated four the Teva’s patents in a case between the Israeli company and five competitors. Following the announcement, the company’s share price in New York dropped 9% to a 10-year low.
The Delaware District Court decided to reject four of the company’s claims regarding patent infringement regarding its top-selling Copaxone multiple sclerosis treatment. Teva already announced that it plans to appeal the decision. “We intend to move forward with an immediate appeal,” Teva CEO Erez Vigodman said. “We will continue to vigorously protect our Copaxone franchise against further challenges and through the duration of this process.”
The main benefactor of the court’s decision is the pharmaceutical company Mylan. Teva’s share prices dropped 45% in the past year due to several blows that the company endured.