Thursday, April 14, 2005

Ruling expected in Zyprexa case?

from MarketWatch:

According to a statement Wednesday, April 13, 2005, Lilly said that it anticipates a U.S. District Court in Indiana to rule in its favor by declaring its patents for Zyprexa are valid. Generics manufacturer Ivax Corp. had been seeking to have Lilly's patent position overturned in hopes of putting out a generic formulation of the billion-dollar drug.

Two other generics makers, Dr. Reddy's Labs and Teva Pharmaceuticals, have also sought to put out their own formulations.

Zyprexa, which is used to treat psychosis associated with mental illness, had 2004 sales of $4.8 billion. It is the world's fifth best-selling brand-name prescription drug, according to IMS Health, a complier of industry sales data.

"Lilly remains confident Zyprexa's compound patent is valid and the generic manufacturers' claims are without merit. Although the company cannot predict the outcome or make guarantees of success in this litigation, Lilly continues to expect to prevail," the company said in its statement.

But Indianapolis, Indiana-based Lilly also warned that a judgment against it could be highly damaging.

"An unfavorable outcome would have a material adverse impact on the company's consolidated results of operations, liquidity, and financial position," Lilly said.


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