Fly News Breaks for April 13, 2016
JAZZ
Apr 13, 2016 | 08:10 EDT
Cowen analyst Ken Cacciatore believes the two decisions issued last night by the USPTO's patent appeals board on the two inter partes review requests submitted by Par and Ranbaxy challenging the Jazz's '306 patent for Xyrem are "very favorable." He noted that the PTAB concluded that Par did not demonstrate a reasonable likelihood in proving the unpatentability of any of the patent's claims, while Ranbaxy was denied institution on claims 1-18, which are believed to be the strongest and broadest claims of the '306 patent. Based on the determinations, investors must "begin to seriously contemplate" significant Xyrem duration well beyond current expectations, said Cacciatore, who recommends investors "add aggressively" to positions in Jazz shares. He keeps an Outperform rating and $190 price target on the stock.
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