Teva, Medicines Co. Settle Angiomax Patent Lawsuit
From Associated Press (October 3, 2011)
NEW YORK -- Teva Pharmaceutical will begin selling a generic version of an anti-clotting drug made by The Medicines Co. in 2019, the company said Monday, following the settlement a patent suit.
Under the agreement, Teva acknowledges that patents supporting the drug Angiomax are valid. Teva, in turn, will supply Medicines with the active ingredient in Angiomax, or bivalirudin. The agreement is subject to review by the Federal Trade Commission and the U.S. Department of Justice.
Teva asked the Food and Drug Administration to approve its version of Angiomax in September 2009, prompting a patent infringement lawsuit from Medicines the following month. The FDA approved Angiomax in December 2000, and the patents supporting the drug expire July 27, 2028. The agreement eliminates the risk that a court will overturn Medicines' patents, which would have allowed Teva and other companies to start selling generic versions of Angiomax immediately. The deal also helps Medicines make more of the drug.
Teva Pharmaceutical Industries Ltd. can start selling generic Angiomax sooner if the patents are voided or if another company starts selling a generic before June 2019.
Medicines is based in Parsippany, N.J. Teva is based in Israel, and it is the world's largest maker of generic drugs. Medicines Co. shares closed at $14.88 Friday and Teva stock finished at $37.22.
Posted: October 2011