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Biogen Sees Huge Bounce on MS Drug Patent Ruling

Investing.com
·1-min read

By Kim Khan

Investing.com – 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.

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