Health and Healthcare
Teva and Amgen Settle Over Kidney Disease Patent Infringement
Published:
Last Updated:
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) announced on Thursday that it has settled with Amgen Inc. (NASDAQ: AMGN) for its treatment of secondary hyperparathyroidism (HPT) in adult patients with chronic kidney disease (CKD) on dialysis.
The ongoing dispute regarding Teva’s generic cinacalcet HCI product is officially over. Teva and Amgen have been involved in patent infringement litigation, and Teva recently received approval for and launched its generic product in the United States.
According to the settlement, the litigation between the parties will be ended and Teva has agreed to stop selling its generic product until its license date in mid-year 2021, or earlier under certain circumstances.
Also, Teva will pay Amgen an undisclosed amount as part of the settlement. That amount and other terms of the settlement are confidential.
For some quick background: Cinacalcet is a calcium-sensing receptor agonist indicated for secondary HPT in adult patients with CKD on dialysis. It is also used for the treatment of hypercalcemia in adult patients with parathyroid carcinoma and severe hypercalcemia in adult patients with primary HPT who are unable to undergo parathyroidectomy.
Shares of Teva were last seen up about 6% at $16.77, in a 52-week range of $14.59 to $25.96. The stock has a consensus analyst price target of $22.94.
Amgen was down nearly 1% at $190.42 a share, with a consensus price target of $204.52. The 52-week trading range is $163.31 to $210.19.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
