AstraZeneca leaps 9% on positive US ruling for Crestor patent, but firm faces a slew of generic Arimidex launches in USA

Anglo-Swedish drug major AstraZeneca announced last night that US District Court, District of Delaware, Judge Joseph Farnan has found that the substance patent protecting its blockbuster cholesterol lowerer Crestor (rosuvastatin) (RE37,314 ' the '314 patent) is valid and enforceable. In its ruling, the court found that no inequitable conduct was committed by any Shionogi employee. The court also held the '314 patent to be non-obvious and properly reissued.

Judge Farnan's subsequent entry of judgment will preclude the US Food and Drug Administration from issuing final approvals for the defendants' Abbreviated New Drug Applications prior to the expiration of the '314 patent in 2016.

The much anticipated news saw AstraZeneca's shares jump 9% to $48.74 in late New York trading yesterday, as protecting Crestor from generic competition is critical because the drug had US sales of $2.1 billion for 2009 and global turnover of $4.5 billion. The firm's stock also advanced as much as 11% when the markets opened in London this morning.