By Kim Khan
Biotech Biogen (NASDAQ:BIIB) 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:MYL) had challenged the patent and Biogen would have lost eight years of exclusivity on the drug if the ruling had gone against it.
Biogen shares jumped 20%. Mylan was up 2.3%.
Tecfidera accounted for about 30% of Biogen’s sales in 2019.
Even with today’s jump, Biogen shares are up just 1.5% in the past 52 weeks.
