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Novartis (NYSE:NVS): Current price $71.10

The Supreme Court of India has turned down Novartis AG’s request for patent protection for its Gleevec cancer treatment, which permits the country’s generic-drug makers to continue to sell copies of the drug at a lower price. This decision had been monitored by non-profit groups wanting to expand access to medicines as well as drugmakers worried about India’s position on intellectual property. On Monday, the court upheld regulatory rulings dating to 2006 that the drug was not sufficiently innovative to be worthy of a patent. Novartis contended that the molecule imatinib, on which Gleevec is based, required years of research and modification to make it an effective, safe leukemia treatment.

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