Biogen Sees Huge Bounce on MS Drug Patent Ruling

By Kim Khan

Investing.com – Biotech Biogen (NASDAQ:) soared in afternoon trading Wednesday following a report of a favorable patent ruling on a best-selling multiple sclerosis drug.

The U.S. Patent Trial and Appeal Board ruled to uphold Biogen’s patent for MS treatment Tecfidera, Bloomberg reported.

Mylan (NASDAQ:) had challenged the patent and Biogen would have lost eight years of exclusivity on the drug if the ruling had gone against it.

Biogen shares jumped 20%. Mylan was up 2.3%.

Tecfidera accounted for about 30% of Biogen’s sales in 2019.

Even with today’s jump, Biogen shares are up just 1.5% in the past 52 weeks.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.