Late last Friday, drug maker AstraZeneca PLC (NYSE: AZN) lost its court fight to prevent a generic version of its anti-psychotic drug Seroquel from reaching the US market. The company had sought to keep the generic, quetiapine fumarate, off the market until December of this year.
AstraZeneca wanted the FDA to delay the introduction of the generic because the company had “marketing exclusivity periods” for the language on the label of its Seroquel products that did not end until December. The FDA denied the request, the company sued, and the federal court sided with the FDA. AstraZeneca said in a press release this morning that it is “evaluating its options.”
The company’s patent protection on Seroquel ends today. The company posted revenue of $5.83 billion on sales of Seroquel in 2011. Between now and 2016, AstraZeneca loses patent protection on three more of its best-sellers, Atacand, Nexium, and Crestor.
Shares are down -0.66% in the pre-market at $44.88 in a 52-week range of $40.89-$52.54.
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