March 1 (Bloomberg) -- Lupin Ltd. lost its U.S. appeals court bid to prevent Mylan Inc. from selling a generic version of the drug Antara, used to treat high cholesterol levels.
The U.S. Court of Appeals for the Federal Circuit in Washington upheld a lower court ruling that Mylan didn’t infringe two patents to the medicine, known by its active ingredient fenofibrate. The court, which didn’t issue a formal opinion, heard arguments Feb. 22 and posted notice of its decision on its website yesterday.
Mylan announced Feb. 25 it had begun selling its version of the medicine. Lupin, which lost the lower court ruling in December, received a temporary order to block Mylan sales that was lifted by the Federal Circuit the same day a three-judge panel heard arguments on the appeal.
Fenofibrate capsules in the 43-milligram and 130-milligram dosage forms had $60 million in sales in the 12 months ended Sept. 30, Canonsburg, Pennsylvania-based Mylan said Feb. 25, citing researcher IMS Health.
Nina Devlin, a Mylan spokeswoman, said the company had no comment on yesterday’s decision. Officials with Lupin’s U.S. office in Baltimore didn’t return a message seeking comment.
Mylan’s entry into the market with generic Antara prompted Bhagwan Chaudhary, an analyst with India Nivesh Ltd., to cut his rating on Mumbai-based Lupin to “hold” from “buy” and his target price to 635 rupees from 667.
Mylan, which earlier yesterday announced it had agreed to buy the injectable medicine unit of India’s Strides Arcolab Ltd. for $1.6 billion, rose $1.04, or 3.6 percent, to $29.61 at 4 p.m. in New York trading.
The appeals court case is Lupin Atlantis Holdings v. Mylan Inc., 13-1141, U.S. Court of Appeals for the Federal Circuit. The lower court case is In Re: Fenofibrate Patent Litigation, 11md2241, U.S. District Court for the Southern District of New York.
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