Healthy Skepticism Library item: 7154

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Publication type: news

Brickates Kennedy V
AstraZeneca shares slide on Nexium setback
Market Watch 2006 Dec 19
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BC6E48B4C%2D7CEE%2D4759%2DB3F9%2D4B8F079589A7%7D&source=blq%2Fyhoo&dist=yhoo&siteid=yhoo

Abstract:

Shares of AstraZeneca slid Tuesday on news that a key patent protecting its top-selling antacid drug Nexium had been shot down by European regulators.
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Last: 53.80+0.14+0.26%

12:07am 12/21/2006

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AZN53.80, +0.14, +0.3%) shares declined 3.5% to close at $53.66.
In a statement Tuesday, AstraZeneca said that the European Patent Office has ruled to reject a substance patent covering Nexium that had been due to expire in 2014.
The decision was made following the appeal by German generic drugmaker Ratiopharm of an earlier ruling in favor of the AstraZeneca.
“While disappointed with the EPO decision, AstraZeneca has confidence in the intellectual property portfolio protecting Nexium,” AstraZeneca said in a statement.
“This portfolio includes process, method of use and additional substance patents with expiration dates ranging from 2009 through to 2019,” the company added.
According to IMSHealthc, Nexium is the world’s third most-prescribed branded medication, with global sales of $5.7 billion. The drug is used to treat acid reflux disease and ulcers.
AstraZeneca added that an oral hearing with the EPO to discuss the fate of a process patent is scheduled for March 7, 2007. The company said it will continue to defend its intellectual property rights for Nexium.