Plavix ruling sends stock of drug makers higher in U.S.
Last Updated: Friday, September 1, 2006 | 4:13 PM ET
CBC News
Shares of Sanofi-Aventis and Bristol-Myers Squibb Co. climbed higher on Friday, one day after a U.S. judge ordered a stop to sales of Canadian company Apotex's generic version of the blood thinner Plavix.
On the New York Stock Exchange, Bristol-Myers rose more than five per cent, gaining $1.20 to reach $22.95 US a share. Sanofi-Aventis was up 42 cents at $45.37 US.
On Thursday in Manhattan, U.S. District Judge Sidney Stein ordered a stop to future sales of Apotex's version of Plavix, but did not order Apotex to recall any of the drug that is already in the hands of distributors.
The judge ruled against Apotex's argument that it will be able to prove the patent on Plavix was invalid.
Privately-held, Toronto-based Apotex said it will appeal the judge's ruling and seek an emergency injunction allowing it to continue selling its version.
Currently Bristol-Myers's top product, Plavix is the No. 2-selling drug in the world behind Lipitor, a cholesterol-lowering treatment.
Apotex launched its generic version of Plavix on Aug. 8, and the drug quickly became a top-seller while sales of the patent-protected version fell.
Apotex hit the market with its version of the drug after three-way talks failed to resolve the patent dispute.
The three companies have a January date in U.S. civil court where they will argue on the patent.
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