(Reuters) -A U.S. decide dominated in favor of Israel’s Teva Pharmaceutical Industries in a patent infringement lawsuit introduced by Corcept Therapeutics, 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 trying to promote a generic model of Corcept’s Korlym drug. Its utility to take action was accredited by the U.S. Meals and Drug Administration in 2020, but it surely has not but launched its product.
Corcept had did not reveal a probability of direct infringement of its patent by Teva, a United States district decide dominated.
The businesses didn’t instantly reply to Reuters requests for remark.
(Reporting by Niket Nishant in Bengaluru; Modifying by Shounak Dasgupta, Pooja Desai and Sonali Paul)
