Allergan Shares Slip As Judge Invalidates Patent on Top Selling Eye Drop
Source: Financial Times
A federal judge struck down patents protecting one of Allergan’s top-selling drugs, sending shares in the company down nearly 5 percent, according to a report in the Financial Times.
The Texas judge said the intellectual property was invalid, opening the way for generic competitors Mylan and Teva to market a cheaper copycat version of the prescription eye drop Restasis. Restasis generated roughly $1.5m billion in sales for Allergan last year and is the company’s second best selling medicine behind Botox, the wrinkle treatment. Analysts said they expected Allergan to appeal the ruling.
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