Teva Pharmaceutical Industries Ltd. (TEVA) said Tuesday that the U.S. District Court for the District of New Jersey has ruled in favor of AstraZeneca Plc (AZN) on a litigation pertaining to the generic equivalent of AstraZeneca drug Seroquel.
The lawsuit relates to the application filed by Teva with the FDA to market its generic version of Seroquel.
The Court granted summary judgment in AstraZeneca's favor on the issue of no inequitable conduct with regard to AstraZeneca's U.S. Patent. Teva indicated plans to appeal this decision.
AstraZeneca's Seroquel tablets are indicated in the treatment of schizophrenia. The drug generated revenues of $4 billion in 2007.
TEVA ended Tuesday's regular trading session at $46.99, up $1.19 or 2.60%. AZN closed Tuesday's regular trading session at $43.42, up 89 cents or 2.09%.
by RTTNews Staff Writer
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