Biogen shares rocket up as Mylan's challenge to Tecfidera patents is slapped down
Biogen $BIIB just won one of the biggest fights it’s ever faced.
The big biotech beat Mylan’s challenge on the patents that guard their cash cow, Tecfidera, the multiple sclerosis drug that drove the company’s comeback under George Scangos and sustains his successor Michel Vounatsos as they search for new drugs.
In the inter partes review ruling, the Patent Trial and Appeal Board — or PTAB — determined:
Having considered all the evidence, petitioner has not demonstrated by a preponderance of the evidence the unpatentability of claims 1-20 of the ‘514 patent.
The news, a closely watched catalyst that had analysts on high alert, immediately triggered a huge 29% spike in their share price. Tecfidera earned $3.3 billion in 2019, almost half its revenue for the year.
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