Allergan Shares Slip As Judge Invalidates Patent on Top Selling Eye Drop

Source: Financial Times

A federal judge struck down patents protecting one of Allergan’s top-selling drugs, sending shares in the company down nearly 5 percent, according to a report in the Financial Times.

The Texas judge said the intellectual property was invalid, opening the way for generic competitors Mylan and Teva to market a cheaper copycat version of the prescription eye drop Restasis. Restasis generated roughly $1.5m billion in sales for Allergan last year and is the company’s second best selling medicine behind Botox, the wrinkle treatment. Analysts said they expected Allergan to appeal the ruling.

Read the full article here.

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