Good for Novartis, bad for Teva: a federal appeals court has ordered Teva not to sell its version of the antiviral Famvir yet. Teva has to submit its response to that court by Tuesday.
You'll recall that last week, a lower court refused to grant Novartis an injunction, and Teva announced it had started shipping the product. Novartis pledged to keep fighting for its Famvir patent--technically good through 2015--though it would have to take a related third-quarter charge against intangible assets of between $250 million and $300 million. Famvir sales, according to the company, amount to $166 million per year.
- see the release [1] for more info
- read the report [2] from Interactive Investor
Related Article:
Novartis makes a $10B bet on generic drugs. Report [3]
Links:
[1] http://www.fiercebiotech.com/press-releases/press-release-us-federal-appeals-court-temporarily-stops-teva-selling-its-generic-ver
[2] http://www.iii.co.uk/news/?type=afxnews&articleid=6277818&subject=companies&action=article
[3] http://www.fiercebiotech.com/story/novartis-makes-a-10b-bet-on-generic-drugs/2006-05-04?utm_source=related&utm_medium=internal