Vanda Pharmaceuticals Shares Tumble After Loss in Hetlioz Patent Suit
December 13 2022 - 01:24PM
Dow Jones News
By Colin Kellaher
Shares of Vanda Pharmaceuticals Inc. lost nearly a quarter of
their value Tuesday after the biopharmaceutical company suffered a
loss in patent litigation involving its key sleep-wake disorder
drug Hetlioz.
A federal judge not only ruled that proposed generic versions of
Hetlioz from Teva Pharmaceutical Industries Ltd. and Apotex Inc.
didn't infringe one of Vanda's patents but also ruled that four of
Vanda's patent claims are invalid.
Hetlioz accounted for roughly 63% of Vanda's $189.9 million in
product revenue for the first nine months of the year.
Vanda representatives weren't immediately available for
comment.
Vanda shares were recently changing hands at $8.19, down more
than 24%, after hitting a 52-week low of $8.02 earlier in the
session.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 13, 2022 13:09 ET (18:09 GMT)
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