|
Amgen wins a patent ruling
|
 |
April 26, 2000: 4:32 p.m. ET
Judge ruled competitors infringed on one patent for company's anemia drug
|
NEW YORK (CNNfn) - A federal judge issued a summary judgment Wednesday finding that two competitors infringed on one of Amgen Inc.'s patents for its leading drug, Epogen, a treatment for anemia.
However, U.S. District Judge William Young in Boston denied summary judgment on whether the competitors, Transkaryotic Therapies Inc. (TKTX: Research, Estimates) and France's Aventis (AVE: Research, Estimates) (formerly Hoechst Marion Roussel), infringed on several related patents for the drug, which is used to treat anemia in dialysis patients. He deferred that issue until trial, scheduled to begin May 15.
The lawsuit involves the rights to manufacture a copy of erythropoietin, a hormone produced by healthy kidneys that helps manufacture red blood cells. Transkaryotic and Aventis contend that their technology is based on a unique process that does not violate Amgen's patents.
Also, Amgen reported late Tuesday a 9 percent increase in its first-quarter earnings, matching analysts' expectations. Sales of Epogen rose 12 percent in the first quarter to $440 million. The drug accounts for more than half of the Thousand Oaks, Calif.-based company's total revenue.
 The lawsuit is being closely monitored by Wall Street, which sees the issue as a cloud hanging over Amgen's stock.
Analysts say that unless the parties reach a settlement, the trial's outcome is likely to be appealed by either party, making a resolution years away.
Amgen (AMGN: Research, Estimates) shares rose 2-13/16 to 57-1/8 Wednesday afternoon.
Transkaryotic's stock slid 4-1/4 to 27-7/8, while American depositary receipts of Aventis slipped 1/4 to 56-11/16.
"We are pleased with the court's ruling," Amgen CEO Gordon Binder said. "This is a first, but important, step in the final determination of Amgen's claims and Hoechst and TKT."
Transkaryotic and Aventis said they remain "confident in our legal position."
"We are at a very early stage in this case," the companies said in a statement. "We believe that it is premature to draw any conclusions as to the final outcome of this case based on today's ruling." 
|
|
|
|
|
|
Amgen
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
