Corcept Therapeutics Shares Slide Premarket on Loss in Teva Patent Suit
02 Janeiro 2024 - 10:50AM
Dow Jones News
By Colin Kellaher
Shares of Corcept Therapeutics tumbled more than 30% in
premarket trading Tuesday after the pharmaceutical company suffered
a setback in its patent-infringement litigation against generic
drugmaker Teva Pharmaceuticals.
A U.S. District Court judge in New Jersey late Friday ruled that
Teva's planned generic version of Corcept's Korlym drug for
Cushing's syndrome didn't infringe Corcept's patents.
Corcept, based in Menlo Park, Calif., on Tuesday said it plans
to appeal the ruling, which it said is "based on legal and factual
errors."
Corcept filed patent-infringement litigation against Teva in
2018, shortly after Teva sought U.S. Food and Drug Administration
approval for its generic version of Korlym.
The FDA approved Teva's generic version in 2020, and Corcept has
said in previous filings with the Securities and Exchange
Commission that Teva can opt to begin marketing its generic product
at any time, notwithstanding the ongoing litigation.
Corcept shares, which closed Friday at $32.48, were recently
down nearly 33% to $21.90 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 02, 2024 08:35 ET (13:35 GMT)
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