Healthcare stocks are higher in late trade with the NYSE
Healthcare Sector Index rising 1.1% and shares of healthcare
companies in the S&P 500 adding 1.2% as a group.
In company news, Allergan (
) shares today rose to a new all-time high after the drug-maker won
a federal patent infringement lawsuit that will prevent copies of
its Lumigan 0.01% glaucoma treatment from entering the U.S. market
for another 14 years.
Lumigan produced $452.7 million in sales during the nine months
ending Sept. 30, accounting for around 10% of the company's total
revenue during that period. The legal win in U.S. District Court in
Tyler, Texas, will keep several would-be rivals - including
) unit Sandoz, Actavis plc (
), Hi-Tech Pharmacal Co (
) and Lupin Ltd. - from producing generic versions of the glaucoma
The generic-drug companies argued the AGN patents were little
different than ones covering Lumigan 0.03%, with the presiding
judge in the case noting it took AGN more than a year to come up
with a formula that would be as effective as Lumigan 0.03% while
also reducing red-eye severity.
AGN was ahead nearly 6% at $120.94 a share in late afternoon
trade, earlier rising to an all-time high of $121.11. Volume also
has been unusually heavy at 4.8 million shares - or more than
double the stock's average volume of around 2.1 million shares
exchanged each day.
In other sector news,
(+) MNOV, Shares reach two-year high after after the
clinical-stage drug-maker said Phase I test results of its MN-001
drug candidate "provide compelling evidence" the medication needs
further evaluation" as a potential treatment for liver
(-) MRK, Today says it is considering a spinoff of its Animal
Health and Consumer Care businesses into stand-alone entities,
adding any action would be completed by year's end. Also continuing
to prioritize R&D efforts and drug pipeline.
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