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Fly News Breaks for March 23, 2016
TEVA
Mar 23, 2016 | 09:46 EDT
Morgan Stanley analysts led by David Risinger expect, along with consensus, that US Copaxone 3TW patents will be invalidated in Q3. The winter, The European Patent Office upheld the Copaxone 40 mg patent in a surprise decision, but the read through to a US patent decision is unclear, the analyst said. Risinger spoke to a patent attorney who said there is an outside chance that Teva could win, based on the argument Copaxone is a complex compound without a clear dosage-activity relationship, similar to the European conclusion. Additionally, a Markman ruling issued on March 8 appeared to favor Teva because it the regimen claims as 3 times weekly versus an alternate day regimen. Risinger said an upheld 3TW patent scenario could result in 7%-10% upside to Teva 2017+ earnings estimates. The analyst rates Teva an Overweight with a correct price target of $71 on shares.
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