By Kim Khan
Investing.com – Biotech Biogen (NASDAQ:) soared in afternoon trading Wednesday following a report of a favorable patent ruling on a best-selling multiple sclerosis drug.
The U.S. Patent Trial and Appeal Board ruled to uphold Biogen’s patent for MS treatment Tecfidera, Bloomberg reported.
Mylan (NASDAQ:) had challenged the patent and Biogen (NASDAQ:) would have lost eight years of exclusivity on the drug if the ruling had gone against it.
Biogen (NASDAQ:) shares jumped 20%. Mylan (NASDAQ:) was up 2.3%.
Tecfidera accounted for about 30% of Biogen’s sales in 2019.
Even with today’s jump, Biogen (NASDAQ:) shares are up just 1.5% in the past 52 weeks.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.