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© Reuters. FILE PHOTO: The brand of Teva Pharmaceutical Industries is seen in Tel Aviv, Israel February 19, 2019. REUTERS/Amir Cohen/File Photograph
(Reuters) -A U.S. choose dominated in favor of Israel’s Teva Pharmaceutical Industries (NYSE:) in a patent infringement lawsuit introduced by Corcept Therapeutics (NASDAQ:), sparking a frenzied sell-off in shares of the California-based drug developer.
Corcept’s shares fell almost 38% in buying and selling after the bell.
The lawsuit was tied to Korlym, Corcept’s drug to deal with Cushing’s syndrome, which creates an extra of the hormone cortisol and causes excessive blood sugar, amongst different issues.
Teva has been seeking to promote a generic model of Corcept’s Korlym drug. Its software to take action was permitted by the U.S. Meals and Drug Administration in 2020, nevertheless it has not but launched its product.
Corcept had did not display a chance of direct infringement of its patent by Teva, a United States district choose dominated.
The businesses didn’t instantly reply to Reuters requests for remark.
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