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+--- Thread: Amgen (AMGN) (/showthread.php?tid=1927)
Amgen (AMGN) - EricL - 07-02-2020
Anyone know what's been going on with Amgen this week?
It's up 10% the last couple days and I haven't seen any press releases or news that is a catalyst for it.
Definitely not complaining, that push gets me over 100% gains on the stock!
RE: Amgen (AMGN) - crimsonghost747 - 07-02-2020
Amgen shares moved higher by 8% after the U.S. biotech giant got a favorable ruling from an appellate court. The victory over the Sandoz division of Novartis (NYSE:NVS) could put an end to the long-held dispute, although Novartis hopes that the U.S. Supreme Court might be willing to take a look at the case.
In August 2019, a federal district court upheld Amgen's patents protecting its best-selling anti-inflammatory Enbrel from biosimilar competition. The judgment prevented Novartis from launching a biosimilar version of the treatment, Erelzi, without working out a licensing agreement with Amgen first. Novartis chose not to give up and instead appealed the decision.
Today's decision from the U.S. Federal Circuit Court of Appeals upheld the lower court's ruling. By a 2-1 decision, Amgen will now have protection for Enbrel through late 2028.