Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Pronova Gains Most in Two Years After Settling Patent Dispute

March 30 (Bloomberg) -- Pronova Biopharma ASA, the Norwegian company that holds patents to Lovaza capsules sold by GlaxoSmithKline Plc, gained the most in more than two years after reaching an agreement with a drugmaker planning to make a generic version.

Pronova rose as much as 19 percent in Oslo trading after saying it settled a patent dispute with Apotex Inc. Under the agreement, Toronto-based Apotex may sell its version in the U.S. in the first quarter of 2015 or earlier, depending on “certain circumstances,” Pronova said. Lawsuits against Teva Pharmaceuticals USA Inc. and Par Pharmaceutical Inc. continue.

Lovaza, sold by Abbott Laboratories in 69 other countries, had worldwide sales of 7.6 billion kroner ($1.4 billion) last year and generated revenue of 1.64 billion kroner for Lysaker, Norway-based Pronova, Hamed Brodersen, vice president of investor relations, said by phone. The capsules lower triglycerides, a type of fat that can lead to heart disease.

Pronova rose as much as 1.59 kroner, the biggest intraday jump since October 2008. The stock advanced 1.24 kroner, or 14 percent, to 9.8 kroner at 2:16 p.m., giving the drugmaker a market value of 2.9 billion kroner.

To contact the reporter responsible for this story: Frances Schwartzkopff at fschwartzko1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.