United Therapeutics Corp. (UTHR) fell as much as 4.7 percent, the biggest intraday decline since November, after the FDA said an unidentified company applied to sell a generic version of its best-selling Remodulin drug.
The U.S. Food & Drug Administration said the application includes a so-called Paragraph IV certification, which means the company is claiming Remodulin patents are invalid or not infringed. The patent doesn’t expire until 2014, though these challenges are typically filed years in advance.
The Silver Spring, Maryland-based company’s stock sank $1.95 to $46.43 at 2:36 p.m. on the Nasdaq Stock Market after dropping as low as $46.12.
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