AstraZeneca Shares Jump More than 10% on U.S. Ruling

June 30, 2010

Ruling of 'valid and enforceable' patent ends three year battle with nine generic drugs manufacturers

After the company won a key U.S. ruling over its cholesterol drug Crestor, shares in Anglo-Swedish pharmaceuticals giant AstraZeneca soared by more than 10% on June 30.

The company's share price surged 10.49% to 3,256.01 pence in morning deals on the London stock market, which was showing a gain of 0.44%.

A court has ruled that AstraZeneca's patent on Crestor was "valid and enforceable", ending a three-year battle with nine generic drugs manufacturers, the group said.

Crestor generated $2.1 billion of sales in the United States last year and is a key product for AstraZeneca.

"The court's decision reaffirms the strength of the intellectual property protecting Crestor," said Chief executive David Brennan.

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2024. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.