Healthcare Business Recap: AstraZeneca Catches a Break, ImmunoGen Catches a Wave

And now comes a favorable ruling in AstraZeneca’s (NYSE:AZN) Battle of the Patents: the company reports that the U.S. District Court in New Jersey finds its anti-psychotic drug Seroquel XR’s formulation patent valid. The ruling also finds that Torrent Pharmaceuticals and Mylan (NASDAQ:MYL), among others, had infringed the patent.

Investing Insights: AstraZeneca: Winning.

ImmunoGen (NASDAQ:IMGN) shares rose and then fell Friday. The jump of over 12 percent was attributed to positive results attained by its partner Roche for its experimental breast cancer drug, and the subsequent drop was blamed on an analyst’s opinion that IMGN’s market value is “significantly” too high, as it is based on the small 5 percent royalty tied to Roche’s drug.

A conference call is announced by StemCells (NASDAQ:STEM), in which will be discussed results from its Phase I clinical trial of the process HuCNS-SC, and shares rise. The product consists of purified human neural stem cells which used as a potential treatment for PMD, a rare hypo-myelination disorder in children.

Teva Pharmaceutical (NASDAQ:TEVA) reports the introduction of its authorized generic version of Provigil, and shares react positively. The med will be used to treat excessive sleepiness caused by narcolepsy.

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To contact the reporter on this story: Mark Lawson at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com