Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) has sued Mylan Inc (NYSE: MYL), alleging that Mylan's application to market a generic version of Teva's multiple sclerosis drug Copaxone is infringing patents.
Teva claimed that Mylan's application relates to its patents, which cover the chemical composition of the drug, all pharmaceutical compositions containing it, and methods of using it. Teva said that the patents are listed with the US Food and Drug Administration (FDA) and are valid until May 2014, Teva.
The lawsuit was filed in the US District Court for the Southern District of New York. Teva asked the court to restrict approval of Mylan's generic version of drug for up to 30 months, or until a court ruling in favor of Mylan, whichever occurs first. In September, US regulators accepted for review Mylan's application to market a generic Copaxone, scientifically known as glatiramer acetate.
Teva's share closed at $50.30 on Friday on Nasdaq, giving a market cap of $43.96 billion. The share was down 0.79% on the TASE today to NIS 188.30.
Published by Globes [online], Israel business news - www.globes-online.com - on October 18, 2009
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