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Fly News Breaks for April 13, 2016
JAZZ
Apr 13, 2016 | 13:16 EDT
Wells Fargo analyst David Maris views yesterday's decision by the U.S. Patent Office's Patent Trial and Appeal Board to institute an inter partes review of claims 19-34 of Jazz Pharmaceuticals' 8,772,306 patent covering Xyrem as a "strong positive" for the durability of the franchise. Claims 1-18 will not be effected by the IPR proceeding and will remain in the Orange Book, requiring any generic filer to challenge them in a district court, Maris tells investors in a research note. The analyst believes yesterday's ruling increases the likelihood of a settlement being reached, which he believes would allow generic entry at a date later than what the Street currently expects. Maris keeps an Outperform rating and $159-$162 price target on Jazz. The stock is up 4%, or $6.15, to $145.82 in afternoon trading.
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