Health and Healthcare

Regeneron and Sanofi Plan to Appeal Amgen Patent Verdict

Chris Lange

Published: March 16, 2016 1:35 pm

Last Updated: January 13, 2020 11:52 am

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) saw its shares halted on Wednesday afternoon after a jury ruled in favor of Amgen Inc. (NASDAQ: AMGN) on a cholesterol drug patent. However, Regeneron and Sanofi have both come out to say that they strongly disagree with this verdict from a U.S. district court and plan to appeal the decision.

The verdict asserted claims of two Amgen patents for antibodies targeting PCSK9 (proprotein convertase subtilisin/kexin type 9) are valid. Sanofi and Regeneron believe these Amgen patent claims are invalid in the ongoing U.S. patent infringement lawsuit and plan to appeal the judgment.

This decision is the first step in this ongoing litigation and does not impact Praluent (alirocumab) injection or the ability to deliver it to physicians and patients at this time.

Next steps on damages are to be determined. The judge will hold a hearing to consider a permanent injunction in the near future.

Joseph LaRosa, Regeneron’s senior vice president, general counsel and secretary, commented:

This is a complex area of law and science, and we believe the facts and controlling law support our position. We look forward to taking our case to the Federal Circuit Court of Appeals, the U.S. appellate court that hears all biopharmaceutical patent appeals. Praluent was developed with Regeneron’s proprietary science and technology and represents an important medical advance for patients.

Shares of Regeneron were last seen down 0.8% at $364.13 after they resumed trading on Wednesday afternoon. The stock has a consensus analyst price target of $507.30 and a 52-week trading range of $350.26 to $605.93.

Amgen shares were trading down 0.6% at $142.35, with a consensus price target of $180.65 and a 52-week range of $130.09 to $181.81.