Teva Pharmaceutical Industries Ltd. (NYSE: TEVA | TEVA Price Prediction) 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.
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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.
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