Redhill Biopharma rises after drug patent settlement

Redhill Biopharma

23/09/2021 14:15

** Israeli drugmaker's U.S.-listed shares  RDHL.O  up ~1.5%
at $4.82 premarket
    ** Co, along with AstraZeneca  AZN.L  and Nektar
Therapeutics  NKTR.O , entered into agreement with Aurobindo
Pharma USA Inc, resolving their patent litigation regarding
generic version of constipation drug Movantik
    ** Litigation was in response to India-based Aurobindo's
application to FDA seeking approval to sell generic version of
Movantik
    ** RDHL acquired global rights excluding Europe, Canada and
Israel to AZN's Movantik last year (https://bit.ly/3zzEfMi)
    ** As per terms of the agreement, Aurobindo may not sell a
generic version of Movantik in the U.S. until April 1, 2031,
subject to FDA approval, or earlier under certain circumstances
 urn:newsml:reuters.com:*:nPnbY7dDJa
    ** Up to Wednesday's close, stock had fallen 41.21% YTD 

 (Reporting by Oishee Majumdar in Bengaluru)
 ((oishee.majumdar@thomsonreuters.com;))