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MYL

Mylan

$38.18

0.23 (0.61%)

, AGN

Allergan

$198.41

-7.11 (-3.46%)

18:46
10/16/17
10/16
18:46
10/16/17
18:46

Mylan CEO: 'Pleased' with court ruling on Allergan's Restasis patents

Mylan (MYL) announced that the United States District Court for the Eastern District of Texas has issued a 135-page decision finding all asserted claims of the patents relating to Restasis invalid based on obviousness. The Ccurt, recognizing that Allergan's (AGN) patent protection for Restasis ended in 2014, concluded that "Allergan is not entitled to renewed patent rights for Restasis in the form of a second wave of patent protection." The invalidated patents are United States Patent Numbers 8,629,111; 8,648,048; 8,685,930 and 9,248,191. Mylan received a covenant not to sue on the remaining two Orange Book patents, U.S. Patent Numbers 8,633,162 and 8,642,556, shortly before the trial began. The Court's decision also will be binding against the Saint Regis Mohawk Tribe, which the Court added to the lawsuit. In ultimately allowing the Tribe to join the lawsuit, the Court expressed its concerns that "sovereign immunity should not be treated as a monetizable commodity that can be purchased by private entities as part of a scheme to evade their legal responsibilities. It is not an inexhaustible asset that can be sold to any party that might find it convenient to purchase immunity from suit. Because that is in essence is what the agreement between Allergan and the Tribe does, the Court has serious reservations about whether the contract between Allergan and the Tribe should be recognized as valid, rather than being held void as being contrary to public policy." Mylan CEO Heather Bresch commented, "We couldn't be more pleased with today's federal court ruling invalidating the Restasis patents. For decades, our investments and perseverance continue to pay off as we have led the charge in challenging the unnecessary roadblocks often put up by brand pharmaceutical companies, whether it's through the regulatory pathway or around its intellectual property, which often delay access to affordable generic medicines to patients."

MYL

Mylan

$38.18

0.23 (0.61%)

AGN

Allergan

$198.41

-7.11 (-3.46%)

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MYL Mylan
$38.18

0.23 (0.61%)

10/16/17
WELS
10/16/17
NO CHANGE
WELS
Outperform
Court ruling looks 'clearly negative' for Allergan, says Wells Fargo
Wells Fargo analyst David Maris says a federal judge ruling today that Allergan's (AGN) Restasis patents are invalid "appears clearly negative" for the company. Due to the magnitude of the potential damages involved, however, an at-risk generic launch is unlikely, Maris tells investors in an intraday research note. As such, the analyst continues to believe the earliest that a generic version of Restasis may enter the market is sometime in 2019. Maris keeps an Outperform rating on Allergan. He adds that today's court ruling is incrementally positive for generic Restasis filers, if approved, including Teva (TEVA), Mylan ( MYL) and Akorn (AKRN).
10/13/17
WELS
10/13/17
NO CHANGE
Target $276
WELS
Outperform
Allergan settlement leaves three Restasis challengers, say Wells Fargo
Wells Fargo analyst David Maris says three Restasis generic challengers remain after Allergan (AGN) reached a settlement with InnoPharma. The settlement, which allows InnoPharma to launch a generic Restasis in the U.S. beginning February 24, 2024, or six months before the expiration of Allergan's patents, points to the complexity of Restasis and the difficulty of getting a generic version approved, Maris tells investors in a research note. InnoPharma was one of four included in a consolidated lawsuit against Allergan, with Teva (TEVA), Mylan (MYL) and Akorn (AKRX) remaining, Maris points out. He's encouraged that the settlement date reached with InnoPharma is close to the expiration date of the patents. The analyst keeps an Outperform rating on Allergan with a $276 price target.
10/05/17
GSCO
10/05/17
NO CHANGE
Target $14
GSCO
Neutral
Momenta price target cut to $14 following Mylan gCopaxone approval at Goldman
Goldman analyst Dana Flanders lowered Momenta (MNTA) estimates and cut its price target on share to $14 from $18 following Mylan's (MYL) generic Copaxone approval. The analyst maintained a Neutral rating on Momenta given uncertainties on how the gCopaxone market will play out and lack of near-term pipeline catalysts.
10/05/17
UBSW
10/05/17
NO CHANGE
Target $46
UBSW
Buy
Mylan Copaxone approval to put upward pressure on consensus estimates, says UBS
UBS analyst Marc Goodman noted the approval for Mylan's generic Copaxone has taken such a long time that many analysts did not have its approval in their earnings model. As a result, the approval is a positive and will put upward pressure on consensus numbers. It will also help the credibility of management around its ability to get high barrier-to-entry products approved. The analyst has these high barrier approvals as part of his thesis and said Mylan remains his favorite generic name. Goodman reiterated his Buy rating and $46 price target on Mylan shares.
AGN Allergan
$198.41

-7.11 (-3.46%)

10/16/17
JPMS
10/16/17
NO CHANGE
JPMS
Overweight
JPMorgan says generic Restasis risk already 'well reflected' in Allergan shares
After a judge ruled Allergan's Restasis patents are invalid, JPMorgan analyst Chris Schott said the news "clearly represents a setback" but he also believes the financial risk of generic Restasis competition is already "well reflected" in the stock. Given that, the news could represent a "clearing event," added Schott, who keeps an Overweight rating on Allergan.
10/16/17
COWN
10/16/17
NO CHANGE
COWN
Outperform
Cowen says Allergan investors may now 'move past' Restasis patent loss
After an adverse ruling from a federal court on Allergan's patents for Restasis, Cowen analyst Ken Cacciatore believes that it is fair to assume generics beginning in early 2019. While this had long been feared, it also had long been modeled by many, including Cacciatore, who called the news a "clearing event" that investors will now likely "finally be able to move past." The analyst, who said Allergan's growth beyond an assumed 2019 Restasis generic "looks as solid as any in the biopharmaceutical industry," keeps an Outperform rating on the stock.

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