Biogen Sees Huge Bounce on MS Drug Patent Ruling By

© Reuters.

By Kim Khan – Biotech Biogen (NASDAQ:) soared in afternoon trading Wednesday following a report of a favorable patent ruling on a best-selling multiple sclerosis drug.

The U.S. Patent Trial and Appeal Board ruled to uphold Biogen’s patent for MS treatment Tecfidera, Bloomberg reported.

Mylan (NASDAQ:) had challenged the patent and Biogen (NASDAQ:) would have lost eight years of exclusivity on the drug if the ruling had gone against it.

Biogen (NASDAQ:) shares jumped 20%. Mylan (NASDAQ:) was up 2.3%.

Tecfidera accounted for about 30% of Biogen’s sales in 2019.

Even with today’s jump, Biogen (NASDAQ:) shares are up just 1.5% in the past 52 weeks.

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