Patent Infringement | "Pronova Wins Heart-Drug Patent Case Against Teva, Par Pharma"

By : Dow Jones Newswires
Source : http://www.foxbusiness.com
Category : Patent Infringement

A Delaware court has ruled in favor of Pronova BioPharma ASA (PRON.OS, PVNAY), upholding two patents for its heart drug Lovaza against Par Pharmaceutical Cos. (PRX) and Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV).
The ruling means Par Pharmaceutical and Teva can't sell generic versions of Lovaza, which lowers very high levels of triglycerides in the bloodstream, at this time. Lovaza is derived from Omega-3 fatty acids.
Shares of Par Pharmaceutical tumbled 7.8% to close at $37.70, while Teva's stock ended off 1.3% at $38.10. Pronova BioPharma's American depositary shares closed 6.3% higher at $5.31.
"Great news for us," said Hamed Brodersen, Pronova's vice president of investor relations.
Shares of Amarin Corp. (AMRN) jumped 6.2% to $12.27. The ruling is good news from a pricing standpoint for the specialty pharmaceutical company as it has its own fatty acid-derived drug currently in development.
In 2009, Pronova alleged patent infringement against Par Pharmaceutical and Teva after they both filed abbreviated new drug applications with the U.S. Food and Drug Administration to bring generic versions of Lovaza to the market to treat very high triglyceride levels. The cases were consolidated.
On Tuesday, the U.S. District Court for the District of Delaware ruled in favor of Pronova BioPharma, saying the company met its burden to prove infringement of two patents.
Generic drug maker Apotex Inc. was part of the lawsuit, but it reached a settlement agreement in March 2011. The settlement granted Apotex a license to enter the U.S. market with a generic version of Lovaza in the first quarter of 2015, or earlier depending on certain circumstances.
GlaxoSmithKline PLC (GSK, GSK.LN) has the marketing rights for the fish-oil-derived treatment in the U.S. In 2011, end-user sales were nearly $950 million for Lovaza in the U.S., according to Pronova, up 7% from the year prior.
Lovaza is the first Omega-3 fatty acid-derived prescription drug approved by the European Union and the FDA.

Source : http://www.foxbusiness.com/news/2012/05/29/pronova-wins-heart-drug-patent-case-against-teva-par-pharma/