Watson Sued By Genzyme Over Generic Renvela Plans
From Associated Press (May 25, 2010)
CORONA, Calif. -- Watson Pharmaceuticals Inc. said Tuesday it is being sued by Genzyme Corp. over its plans to make a generic version of the kidney condition drug Renvela.
Watson asked the Food and Drug Administration to approve a generic version, triggering a lawsuit by Genzyme in U.S. District Court for the District of Maryland. Genzyme wants to prevent the company from selling the generic version, claiming patent infringement.
The lawsuit stalls any final FDA action for up to 30 months or until a court makes a final decision.
Watson said Renvela had U.S. sales of about $200 million during the 12-month period ending March 31.
Shares of Watson fell 24 cents to $42.33 in extended trading.
Meanwhile, shares of Genzyme, based in Cambridge, Mass., rose
$2.68, or 5.5 percent, to close at $51.16. The company received FDA
approval for its Pompe disease drug Lumizyme earlier in the day.
The shares dipped 46 cents in after-hours trading.
Posted: May 2010