J&J falls after US court rules Zytiga copycats can enter market
Shares in Johnson & Johnson (NYSE: JNJ) tumbled 3% on Wednesday after a US appeals court ruled against blocking generic versions of the blockbuster therapy Zytiga (abiraterone acetate).
The decision upholds a ruling last month in the US District Court for New Jersey which invalidated certain of J&J’s patents for the prostate cancer drug, opening the door to generic competition.
While the firm will continue litigation to prevent competition, the ruling means that competitors such as Teva Pharmaceutical Industries (NYSE: TEVA), Hikma Pharmaceutical (LSE: HIKMA) and Mylan (Nasdaq: MYL) will not be prevented from entering the market in the meantime.
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