Teva Pharmaceutical Industries Limited Shares Shoot Up After Copaxone Lawsuit Victory
Published: Jun 25, 2012
Teva Pharmaceutical Industries Ltd. (TEVA) jumped the most in more than 12 years after a U.S. federal district judge ruling may block generic versions of its best- selling Copaxone drug from entering the market until 2015. Shares of Petach Tikvah, Israel-based Teva surged 12 percent, the biggest gain since April 2000, to 163 shekels at the 4:30 p.m. close in Tel Aviv. The increase added 16.1 billion shekels ($4.1 billion) to Teva’s market value today. Patent claims that Teva brought against Novartis AG (NOVN)’s Sandoz unit, Mylan Inc. (MYL) (MYL), and Momenta Pharmaceuticals Inc. (MNTA) (MNTA) are infringed, valid and enforceable, U.S. District Judge Barbara Jones in Manhattan ruled. The court decision covers several patents for its multiple sclerosis medicine, the last of which deals with the manufacturing process and expires on September 2015, Teva said in a Business Wire statement on June 23.