Sanofi: Now Settled Eloxatin Patent Suits With 6 Generic Makers
06 Abril 2010 - 7:42AM
Dow Jones News
French drugmaker Sanofi-Aventis (SNY) Tuesday said it has now
settled patent infringement suits with six generic drug
manufacturers over its cancer drug Eloxatin, which will see them
stop selling copycat versions of the product in the U.S. from late
June and then re-start sales in August 2012.
Sanofi, which last week announced a settlement under those terms
with Israel-based Teva Pharmaceutical Industries Ltd (TEVA),
Germany's Fresenius Kabi Oncology Ltd. (532545.BY) and Novartis
AG's (NVS) generics unit Sandoz of Switzerland, said Tuesday it
also struck deals with three other generics groups--Hospira Inc's
(HSP) Mayne Pharma Ltd, Par Pharmaceutical Companies Inc (PRX) and
its partner MN Pharmaceuticals, and Iceland-based Actavis.
As a result, the six generic drug makers will stop selling
unauthorized versions of Eloxatin, whose generic name is
oxaliplatin, in the U.S. between June 30, 2010 and August 9, 2012,
after which the companies can sell their products under
license.
Sanofi Tuesday said it asked a court to prohibit Sun
Pharmaceuticals (524715.BY) from marketing a generic oxaliplatin
product over the same period as the other companies. The U.S.
District Court for the District of New Jersey has ruled that a
proposed settlement between Sanofi and Sun is enforceable and the
decision is subject to appeal, Sanofi said.
The settlement agreements are subject to review by the Federal
Trade Commission, the U.S. Department of Justice and the Attorney
General for the State of Michigan. Sanofi did not give more details
or reveal financial terms of the deals.
Copycat versions of Eloxatin were launched last August in the
U.S. after a court there in June ruled that generic drugmakers who
had challenged the Eloxatin patent did not infringe Sanofi's
patents. That badly hit Sanofi's sales of the drug last year, with
generic alternatives causing Sanofi's Eloxatin sales to drop 35% to
EUR957 million from a year earlier.
Analysts said the settlements should lead to a sales boost for
Sanofi. If the company comes to agreement with Sun in addition to
the six other generic manufacturers, JPMorgan analysts said they
expect a modest increase in Eloxatin sales in 2011 and 2012 that
would increase their estimates of Sanofi's embedded value by 1%.
JPMorgan rates Sanofi's shares as overweight.
At 0940 GMT, Sanofi shares traded down 0.7% or EUR0.38 lower at
EUR54.78 while the Paris CAC-40 index traded up 0.7%. The shares
have risen around 32% in value over the past 12 months.
By Mimosa Spencer, Dow Jones Newswires; +33 1 40 17 17 73;
mimosa.spencer@dowjones.com
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