Teva Pharmaceuticals USA Inc. and Par Pharmaceutical Cos. won an appeal in their bid to sell a generic version of BASF SE (BAS)’s heart medicine Lovaza in the U.S.
The U.S. Court of Appeals for the Federal Circuit in a ruling today said it reversed a lower court decision because one patent held by BASF’s Pronova unit had been made publicly accessible and another had expired.
The ruling sent shares of Amarin Corp., the maker of a competing medicine, down as much as 12 percent, the biggest drop since December 2012. Teva’s American depositary receipts, rose 1.1 percent to $38.94 at 12:14 p.m. New York time.
Lovaza is the first and only fish-oil derived prescription drug approved by the U.S. Food and Drug Administration, and Petach Tikva, Israel-based Teva and Par want to market generic versions, the court said in its ruling.
U.S. sales of Lovaza were more than $2.3 billion as of August 2010, the court said.
Pronova was acquired this year by Ludwigshafen, Germany-based BASF, and Par was bought last year by TPG Capital.
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