Roche's Genentech loses appeals court bid over Amgen Mvasi, Bloomberg reports » 10:4607/0607/06/20
Roche's (RHHBY) Genentech unit lost its appeals court bid to halt Amgen's (AMGN) biosimilar of the cancer drug Avastin, according to Bloomberg Law. Genentech had argued that Amgen didn't provide adequate notice, as required by law, before it began selling the biosimilar Mvasi. The U.S. Court of Appeals for the Federal Circuit ruled Monday that adequate notice had been given, the report notes. Reference Link
Roche unit loses bid to halt sales of Amgen's Avastin biosimilar, Bloomberg says » 09:2407/0607/06/20
Roche's (RHHBY) Genentech unit lost an appeal ruling over Amgen's (AMGN) MVASI, according to Bloomberg.
Citi sees 'considerable amount of investor interest' coming back to Amgen » 06:4507/0207/02/20
Citi analyst Mohit Bansal…
Citi analyst Mohit Bansal believes investors "can be relieved" now that the federal circuit ruled in favor of Amgen about the Enbrel intellectual property case with Sandoz. Many investors were concerned about this given that Enbrel is a core product for the company, and a loss in this case would have meant immediate downward revision in near-term estimates, Bansal tells investors in a research note. The analyst expects a "considerable amount of investor interest" will come back to Amgen with this "key overhang" removed. The company has multiple pipeline readouts in the second half of 2020 and also a good Phase 2 pipeline building up, says Bansal, who keeps a Buy rating on the shares.
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Amgen appeal rules in favor of patent validity, says Piper Sandler » 11:5707/0107/01/20
Piper Sandler analyst…
Piper Sandler analyst Christopher Raymond maintained an Overweight rating on Amgen (AMGN) shares after the company won an appeal against Sandoz's (NVS) long-standing challenge of Amgen's Enbrel patents. Raymond has long modeled success on this front for Amgen and assumes exclusivity to 2029. The analyst's price target remains $255.
Amgen announces appeals court affirms validity of Enbrel patents » 11:5307/0107/01/20
Amgen (AMGN) announced…
Amgen (AMGN) announced that the United States Court of Appeals for the Federal Circuit has held in Amgen's favor on the validity of two patents that describe and claim Enbrel and methods for making it. Specifically, the appellate court affirmed an August 9, 2019 decision by the United States District Court for the District of New Jersey that had upheld the validity of two patents asserted against Sandoz (NVS) based on Sandoz's biosimilar of Enbrel. The patent infringement action was brought against Sandoz by Amgen affiliates Immunex Corporation and Amgen Manufacturing, Limited, along with the owner and licensor of the two patents, Hoffmann-La Roche Inc. "Before trial, Sandoz acknowledged its biosimilar etanercept infringes seven claims of U.S. Patent Nos. 8,063,182 and 8,163,522," Amgen stated. On October 8, 2019, by stipulation of Amgen and Sandoz, the New Jersey District Court entered final judgment and a permanent injunction prohibiting Sandoz from making, using, importing, selling or offering for sale Sandoz's etanercept product.
Amgen patent win worth $5-$12 per share, says Mizuho » 11:2407/0107/01/20
Mizuho analyst Salim Syed…
Mizuho analyst Salim Syed believes today's favorable U.S. Court of Appeals for the Federal Circuit decision in the ongoing litigation with Sandoz on Enbrel is worth $5-$12 per share for Amgen. The stock in morning trading is up $12.69 to $248.55. Consensus had already granted Enbrel near full credit for its long-term intellectual property, so Amgen's valuation is unlikely to go much higher from here, Syed tells investors in a research. A move higher beyond today's rally would suggest removal of an overhang and a re-rating of Amgen's current trading multiple, says the analyst, who keeps a Neutral rating on the shares with a $215 price target.
Court ruling removes overhang for Amgen, says Goldman Sachs » 11:1007/0107/01/20
Goldman Sachs analyst…
Goldman Sachs analyst Terence Flynn maintains a Conviction Buy rating and $275 price target on Amgen following an appeals court ruling in favor of Amgen in an appeal challenging the validity of Enbrel's patents. The analyst said this litigation has been an overhang for Amgen, and views the decision as "an important clearing event" for Amgen, noting that Enbrel represents and estimated ~20% of 2020 revenue.
Amgen win on Enbrel patent removes key overhang, says Jefferies » 11:0907/0107/01/20
Jefferies analyst Michael…
Jefferies analyst Michael Yee said news that Amgen (AMGN) has formally won the Enbrel litigation as Novartis' (NVS) Sandoz unit has failed again to invalidate the patents in its appeal removes a key overhang. The news leaves "a clean story" with several potential blockbuster assets in the pipeline, according to Yee, who identifies three underappreciated catalysts for Amgen: the pivotal Phase 2 AMG510 KRAS lung cancer data that could come in September or October; the Phase 3 tezepelumab asthma data at year-end; and the Phase 3 omecamtiv heart failure data that is also upcoming. Yee keeps a Buy rating on Amgen with a $285 price target.
Appeals court upholds Amgen patents on Enbrel, Bloomberg reports » 10:4607/0107/01/20
An appeals court has…
An appeals court has ruled in favor of Amgen (AMGN) over patents for rheumatoid arthritis drug Enbrel, allowing it to block a biosimilar from Novartis' (NVS) Sandoz until 2029, Bloomberg's Susan Decker reports, citing the ruling. Sandoz, which contended the patents should not have been is issued, is looking to sell a copycat version of the drug named Erelzi. Reference Link
Amgen jumps after winning appeal ruling upholding Enbrel patents » 10:3607/0107/01/20
Amgen (AMGN) shares are…
Amgen (AMGN) shares are higher in morning trading after it was reported that the U.S. Court of Appeals for the Federal Circuit upheld patents for rheumatoid arthritis drug Enbrel, blocking a biosimilar version that Novartis (NVS) seeks to sell until 2029. Novartis' Sandoz unit is seeking to sell its own version of Enbrel, called Erelzi, and had argued that the patents should not have been issued to Amgen, according to Bloomberg's account of the case. In morning trading, Amgen shares are up $10.76, or 4.5%, to $246.62.