A federal jury on Wednesday ruled that a cholesterol drug made by Regeneron Pharmaceuticals Inc. and Sanofi infringed on patents owned by Amgen Inc.
Shares of Regeneron fell following the decision, and were down $2.03 to $365.19 from a session high of $381 in afternoon trading. U.S.-traded shares of France-based Sanofi were off 70 cents at $40.45.
In a statement, Regeneron and Sanofi said they would appeal the decision, which affects the cholesterol drug Praluent. Amgen filed the lawsuit with the U.S. District Court of Delaware in 2014, saying the drug infringed on patents pertaining to its own cholesterol drug, Repatha.
In a statement, Regeneron and Sanofi said they continue to believe Amgen’s patents are invalid.
Damages have yet to be determined and the companies said there will be a hearing to consider a permanent injunction. Praluent was launched in the U.S. in the third quarter of 2015 and had total sales of $11 million for the year. Regeneron, which is based in Tarrytown, New York, and Sanofi share in the drug’s sales.
Shares in Amgen, which is based in Thousand Oaks, California, slipped 87 cents to $142.34.