Alkermes soars after settling patent litigation with Teva

Alkermes

30/08/2023 15:32

** Shares of Alkermes  ALKS.O  rise 8.2% to $29.42, on track
for their best day this year, if gains hold
    ** Co says it entered into a settlement with  Israeli-based
drugmaker Teva Pharmaceuticals  TEVA.K  to resolve a patent
litigation for alcohol-dependence drug Vivitrol
    ** As part of the settlement, Teva can market a generic
version of Vivitrol in the U.S. from January 15, 2027
    ** ALKS filed the litigation in 2020 after Teva sought
approval of a generic version of Vivitrol in the U.S. prior to
the expiration of Alkermes's patent
    ** Vivitrol is used to manage alcohol dependence and prevent
a relapse into opioid dependence
    ** Including session moves, shares up ~11% YTD

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))