Shares of Teva Pharmaceutical Industries Ltd. climbed in premarket trading Monday after the drugmaker said a federal court reaffirmed patents protecting its multiple sclerosis treatment Copaxone.
The Israeli drugmaker 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.
Teva, which is one of the world’s largest generic drugmakers, had sued Mylan Laboratories Inc., Momenta Pharmaceuticals Inc., Sandoz Inc. and Natco Pharmaceuticals, accusing the rival pharmaceutical companies of infringing on patents covering the drug’s chemical composition, method of use and the manufacturing process behind the product.
Citi analyst John T. Boris said in a research note the favorable federal court ruling was expected.
Cambridge, Mass.-based Momenta said in a separate statement it intends to appeal. Its shares tumbled $4.08, or 24 percent, to $12.93 in premarket trading.
Mylan, based in Canonsburg, Pa., said in a brief statement it intends to evaluate its options for appeal. It added that the decision does not reflect its earnings guidance. Its shares finished at $21.23 per share on Friday.
Representatives from Sandoz, a unit of Swiss drugmaker Novartis, and Natco, which is based in India, did not immediately return a request for comment Monday from The Associated Press.
Teva also said earlier this month that a longer-acting version of Copaxone did well in a late-stage clinical trial. Copaxone is injected daily and the newer version is designed to be taken only three times a week.
U.S.-traded shares of Teva climbed $2.74, or 7.2 percent, to $40.75 in premarket trading Monday.