Pronova Gains Most in Two Years After Settling Patent Dispute
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.
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