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NEW YORK - Shares of Ariad Pharmaceuticals Inc. fell Tuesday after the company said it received an unfavorable ruling in a patent dispute against Amgen Inc.
The stock dipped 21 cents, or 7.1 percent, to $2.76 in afternoon trading. Shares have traded between $2.10 and $5.29 over the last 52 weeks.
On Tuesday, the company said the U.S. District Court for the District of Delaware granted Amgen's motion for summary judgment a series of noninfringement claims related to related to Enbrel. The drug is approved as a treatment for arthritis and psoriasis, among other conditions, and is made in partnership with Wyeth.
The court found that the administration of Enbrel falls outside of Ariad's asserted claims.
"We are disappointed by these rulings on claim construction and noninfringment, and plan to pursue the appropriate legal action to obtain review of the rulings," Dr. Harvey J. Berger, chairman and chief executive officer of Ariad, said in a statement.
Ariad claims that it is the exclusive licensee on a series of patents used in Enbrel.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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