Wedbush analyst Laura Chico notes that the U.S. Patent Trial and Appeal Board issued a Final Written Decision in the inter partes review of Biogen's (BIIB) Tecfidera patent which keeps the patent valid and ends Mylan's (MYL) IPR proceeding. For Biogen, other patent litigation continues but with the '514 patent validity upheld this eliminates an immediate potential hit to the drug's exclusivity tail, Chico notes. While the '514 patent holds exclusivity into 2028, the analyst does think the likelihood of generic entry will be prior to that time. Although the Tecfidera IPR win is a positive move for the company, she continues to hold a cautious outlook against the backdrop of the upcoming aducanumab review. Thea analyst has a Neutral rating and $282 price target on the shares.

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