Teva Pharmaceutical Industries Ltd. (TEVA) gained the most in five months in New York after a U.S. court ruled that competitors won’t be able to sell generic versions of Copaxone, the Israeli drugmaker’s best-selling medicine.
American depositary receipts of Teva, the world’s largest generic drugmaker, surged 4.5 percent to $39.72 by the close in New York, the sharpest increase since Jan 3. The shares declined 2.5 percent to 158.9 shekels in Tel Aviv, or the equivalent of $40.51, after rising the most in 12 years yesterday.
U.S. District Judge Barbara Jones in Manhattan ruled that patents on Copaxone, the multiple sclerosis medicine that made up 21 percent of Teva’s revenue in 2011, are valid, the company said in a statement distributed by Business Wire on June 23. Teva had sued Novartis AG, Mylan Inc. and Momenta Pharmaceuticals Inc. (MNTA), saying their attempts to seek permission to sell Copaxone copies infringed on patents.
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