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Genentech shares up after hormone patent restored
Tue Oct 9 18:38:02 2001 GMT
LOS ANGELES, Oct 9 (Reuters) - Shares of biotechnology company Genentech Inc. rose nearly 6 percent on Tuesday after a U.S. court reinstated the company's patent on a method for producing recombinant human growth hormone.
The South San Francisco, California-based company's shares were up $2.29 at $43.30 on Nasdaq.
Biopharmaceutical company Bio-Technology General Corp. said on Monday that a U.S. appeals court reinstated the Genentech patent as well as an injunction prohibiting sales of Bio-Technology General's growth hormone product Bio-Tropin.
Bio-Technology General's shares were down 56 cents, or more than 7 percent, at $6.91 on Nasdaq.
The Genentech patent had been invalidated in January 2000 after a jury trial in the U.S. District Court for the Southern District of New York.
The appeals court did not decide whether Bio-Technology General infringed the reinstated patent.
In a statement, the company said it has never used the expression system that Genentech says was infringed to make human growth hormone (hGH) for sale in the United States.
"Moreover, BTG has developed a new expression system for its hGH that was approved by the FDA in 1999. Genentech has never contended that this new expression system infringes any of its patents," the company said.
Officials at Genentech could not be immediately reached for comment.
Bio-Technology General said it plans to make growth hormone for the U.S. market using this alternate expression system. The company said it plans to supply Israel's Teva Pharmaceutical Industries Ltd. with human growth hormone for its Tev-Tropin growth hormone product, slated for launch in the United States in 2002.
Genentech shares up after hormone patent restored
Tue Oct 9 18:38:02 2001 GMT
LOS ANGELES, Oct 9 (Reuters) - Shares of biotechnology company Genentech Inc. rose nearly 6 percent on Tuesday after a U.S. court reinstated the company's patent on a method for producing recombinant human growth hormone.
The South San Francisco, California-based company's shares were up $2.29 at $43.30 on Nasdaq.
Biopharmaceutical company Bio-Technology General Corp. said on Monday that a U.S. appeals court reinstated the Genentech patent as well as an injunction prohibiting sales of Bio-Technology General's growth hormone product Bio-Tropin.
Bio-Technology General's shares were down 56 cents, or more than 7 percent, at $6.91 on Nasdaq.
The Genentech patent had been invalidated in January 2000 after a jury trial in the U.S. District Court for the Southern District of New York.
The appeals court did not decide whether Bio-Technology General infringed the reinstated patent.
In a statement, the company said it has never used the expression system that Genentech says was infringed to make human growth hormone (hGH) for sale in the United States.
"Moreover, BTG has developed a new expression system for its hGH that was approved by the FDA in 1999. Genentech has never contended that this new expression system infringes any of its patents," the company said.
Officials at Genentech could not be immediately reached for comment.
Bio-Technology General said it plans to make growth hormone for the U.S. market using this alternate expression system. The company said it plans to supply Israel's Teva Pharmaceutical Industries Ltd. with human growth hormone for its Tev-Tropin growth hormone product, slated for launch in the United States in 2002.
