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AstraZeneca Settles Ranbaxy LawsuitFiled at 8:07 a.m. ET LONDON (AP) Shares in pharmaceutical company AstraZeneca PLC soared Tuesday on news that an agreement with an Indian company will delay the release of a generic competitor to its best selling heartburn drug for six years. AstraZeneca said financial guidance for 2008 would remain unchanged, but the companys shares shot up almost 9 percent as analysts sensed less of a profit risk for the London-based drug maker. Indias Ranbaxy Laboratories Ltd. had submitted an application to the U.S. Food and Drug Administration to make a generic version of esomeprazole magnesium, the active pharmaceutical ingredient in heartburn medicine Nexium. Ranbaxy could have begun selling the generic drug in the United States this week. However, under the new agreement, it will not begin sales of a generic version of the drug until May 27, 2014. That is when two of AstraZenecas six patents on the drug expire. Under the new agreement, Ranbaxy will formulate a portion of AstraZenecas U.S. supply of Nexium from May 2010. The deal also includes provisions for the manufacture of esomeprazole magnesium, from May 2009. I believe that this agreement is the right business decision and gives increased clarity and stability to allow us to continue investing substantially in our growing pipeline of new medicines for patients, said David Brennan, chief executive officer at AstraZeneca We continue to have confidence in the strength of our patents and will vigorously defend our intellectual property. Sales of Nexium were around $5.2 billion last year, down 2 percent on the previous year. Sales declined 9 percent in the final quarter alone to $1.3 billion and pressure is expected to increase with the arrival in the United States of generic copies of rival heartburn drug Protonix, sold by U.S. drugmaker Wyeth. AstraZeneca raised it outlook for 2008 in January, forecasting core earnings per share between $4.40 and $4.70 (2.77 euros and 2.96 euros), compared with 2.76 euros in 2007. Citigroup said the Ranbaxy deal reduces a threat to AstraZenecas profits. Dresdner Kleinwort analysts upgraded the company to buy from hold, saying the settlement significantly de-risks the business. They added that another challenger to the validity of AstraZenecas patents is unlikely. AstraZeneca is still pursuing legal action against Israels Teva Pharmaceutical Industries Ltd. and Dr. Reddys Laboratories over Nexium patent infringements. Shares in the drugmaker were 8.8 percent higher at 2,156 pence ($42.23) in midday trade. Tag CloudExternal InformationAdditional InformationPension funds seek a direct line to the private equity bonanza...Could the City come to life at weekends?... 2nd Group Urges Withholding Times Co. Vote... Bonus Pay by Medicare Lifts Quality... Where Am I?News Main Page - Business - AstraZeneca Settles Ranbaxy Lawsuit |
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