Teva prevails in Narcan nasal spray patent dispute
Shares of Teva Pharmaceutical Industries (NYSE: TEVA) rose 2.1% to $12.84 in after-hours trading Friday, after it was revealed that the US District Court for the District of New Jersey has ruled in favor of the Israel-based generics giant in a patent infringement lawsuit regarding a generic version of Narcan (naloxone HCl) nasal spray for the treatment of opioid overdose.
Claims from four patents related to Narcan were found to be invalid, according to the ruling by a New Jersey federal judge. The lawsuit, filed by Opiant Pharmaceuticals (Nasdaq: OPNT) and Emergent BioSolutions (NYSE: EBS), alleged that Teva’s generic version of Narcan nasal spray infringes the drug’s patent. Opiant shares plunged nearly 32% to $11.70 pre-market this morning, while Emergent was down 20.25% at $78.00.
Emergent, which acquired the drug along with its $735 million buy of Adapt Pharma in 2018, intends to appeal the decision to the Court of Appeals for the Federal Circuit.
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