Vanda Pharma leaps as court rules Fanapt patent valid
Shares of Vanda Pharmaceuticals (Nasdaq: VNDA) leapt more than 20% to $14.79 in heavy trading, after the company revealed that patents on it schizophrenia drug Fanapt (iloperidone) were found valid by a US court.
Judge Gregory Sleet of the US District Court for the District of Delaware ruled that Roxane Laboratories infringed US Patent Nos RE39,198 (the '198 Patent) and 8,586,610 (the '610 Patent) by submitting to the Food and Drug Administration an Abbreviated New Drug Application (ANDA) seeking permission to market a generic version of Fanapt (iloperidone) before the expiration of Vanda's patents.
"We are very pleased that the court found both patents valid, found that Roxane's ANDA infringes the '198 patent and the '610 patent, and accordingly issued an injunction barring Roxane from marketing its product until the expiration of the later expiring '610 patent on November 2, 2027," said Mihael Polymeropoulos, Vanda's president and chief executive.
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