Coherus to appeal negative patent decision

Shares of USA-based Coherus BioSciences (Nasdaq: CHRS) plunged as much as 17% after it was revealed that it had lost a patent battle which means that, for the time being at least, it cannot challenge a blockbuster biological drug with its biosimilar.

Coherus received a decision from the Patent Trial and Appeal Board (PTAB) of the US Patent and Trademark Office denying institution of its petition for Inter Partes Review (IPR) of AbbVie’s (NYSE: ABBV) US Patent 9,114,166 related to the latter’s rheumatoid arthritis and other inflammatory disease treatment Humira (adalimumab) formulation. AbbVie’s shares gained 6% on the news.

The decision makes it unlikely that there will be US biosimilars of Humira before 2023, and "neuters much of the bear argument on AbbVie shares," Jefferies analysts said in a note quoted by TheStreet. Other observers have suggested that the date before which a biosimilar appears on the market is 2018 or 2020.