Pharmaceutical giant Pfizer said on Wednesday it will appeal a US federal court's refusal to extend patent protection for its blockbuster Celebrex drug used to treat arthritis.
Pfizer said the US District Court for the Eastern District of Virginia invalidated the reissue patent covering methods of treating osteoarthritis and other approved conditions with celecoxib, the active ingredient in Celebrex.
The ruling means that Pfizer will be exposed to competition from generic drug makers earlier than the company expected.
"Pfizer disagrees with the ruling and will pursue all available remedies, including an immediate appeal of the court's decision," the world's largest pharmaceutical company said in a statement.
Celebrex generated about $800 million in sales in the fourth quarter of 2013.
On Wall Street, Dow member Pfizer finished at $31.98, shedding 1.4 percent. Earlier in the day, trade in the shares was briefly suspended.
The judge knocked down a patent reissue obtained by Pfizer on March 5. The reissue of the patent would have protected the Pfizer's celecoxib from competition until December 2, 2015.
Pfizer has filed suit against several generic drug makers for infringement of the reissue patent. The companies had sought US government approval to market a generic form of celecoxib in the United States beginning on May 30, when Pfizer's basic patent expires.
The defendants in that case are Israel's Teva, the world's largest generic drug maker; US firms Mylan Pharmaceuticals and Watson Laboratories; Canadian firm Apotex and India's Lupin.
The trial was scheduled to begin on March 19.
Pharmaceutical giant Pfizer said on Wednesday it will appeal a US federal court’s refusal to extend patent protection for its blockbuster Celebrex drug used to treat arthritis.
Pfizer said the US District Court for the Eastern District of Virginia invalidated the reissue patent covering methods of treating osteoarthritis and other approved conditions with celecoxib, the active ingredient in Celebrex.
The ruling means that Pfizer will be exposed to competition from generic drug makers earlier than the company expected.
“Pfizer disagrees with the ruling and will pursue all available remedies, including an immediate appeal of the court’s decision,” the world’s largest pharmaceutical company said in a statement.
Celebrex generated about $800 million in sales in the fourth quarter of 2013.
On Wall Street, Dow member Pfizer finished at $31.98, shedding 1.4 percent. Earlier in the day, trade in the shares was briefly suspended.
The judge knocked down a patent reissue obtained by Pfizer on March 5. The reissue of the patent would have protected the Pfizer’s celecoxib from competition until December 2, 2015.
Pfizer has filed suit against several generic drug makers for infringement of the reissue patent. The companies had sought US government approval to market a generic form of celecoxib in the United States beginning on May 30, when Pfizer’s basic patent expires.
The defendants in that case are Israel’s Teva, the world’s largest generic drug maker; US firms Mylan Pharmaceuticals and Watson Laboratories; Canadian firm Apotex and India’s Lupin.
The trial was scheduled to begin on March 19.
