Shares of Teva Pharmaceutical Industries Ltd. climbed Monday in the first trading day after a U.S. federal court reaffirmed patents protecting the drugmaker's biggest brand-name product, the multiple sclerosis treatment Copaxone. The Israeli company said Saturday the decision from the U.S. District Court for the Southern District of New York covers several patents, the last of which expires in 2015, and that it prevents other drugmakers from selling their versions of the drug until then. It also said the decision should prevent the Food and Drug Administration from approving generic versions of the drug until 2014. U.S.-traded shares of the company rose 4.5 per cent, or $1.71, to close at $39.72, while the Standard & Poor's 500 index fell 1.6 per cent. Teva had sued Mylan Laboratories Inc., Momenta Pharmaceuticals Inc., Sandoz Inc. and Natco Pharmaceuticals, accusing the rival companies of infringing on patents covering the drug's chemical composition, method of use and the manufacturing process behind the product. Teva is the 10th largest global pharmaceutical company, according to drug data firm IMS Health, and Copaxone is its main brand-name offering. It expects $3.8 billion in sales this year from the drug. Teva is primarily a maker of generic drugs. … Continue reading
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