Plus   Neg

Abraxis BioScience to appeal court's ruling in patent litigation with Elan - update

Biotechnology company Abraxis BioScience Inc. (ABII) said Friday that it intends to appeal against the U.S. District Court for the District of Delaware's ruling that Abraxis has infringed upon a patent owned by Elan Corp. Plc (ELN).

Elan sued Abraxis that it infringed upon two of Elan's patents, asserting Abraxane uses technology protected by Elan-owned patents. Later, Elan withdrew its claim that Abraxis infringed on its 025 patent.

The jury ruled that Abraxis has infringed upon Elan's 363 patent, which runs until 2011, and instructed Abraxis to pay $55 million in damages to Elan for sales of Abraxane to date.

Abraxis said it is disappointed by the jury ruling in this complex patent litigation and feels confident as it proceeds to appeal in this matter. Abraxis said it will pursue post-trial motions and appeal the judgment of the District Court.

Abraxis said it has received the FDA approval for Abraxane for Injectable Suspension in January 2005 for the treatment of breast cancer after failure of combination chemotherapy for metastatic disease or relapse within six months of adjuvant chemotherapy.

ABII finished Friday's regular trading session at $65.61, down $1.79 or 2.66%. ELN closed Friday's regular trading session at $26.27, up $1.42 or 5.71%. However, in the after-hours, the shares lost 9 cents.

For comments and feedback contact: editorial@rttnews.com

Follow RTT