Hospira Shares Rise On Patent Decision

NEW YORK (AP) — Shares of Hospira Inc. rose Friday after the company said the U.S. District Court for the District of New Jersey ruled a generic injectable chemotherapy drug does not infringe on Sanofi Aventis' patent for Eloxatin.

The decision, Hospira said, opens the door for the company to put its generic version of the drug on the market. It already has tentative Food and Drug Administration approval and expects full approval shortly.

Sanofi-Aventis said it would appeal the court's decision. The Paris-based drug developer is not modifying its financial outlook as a result of the ruling.

Hospira's stock rose $2.06, or 6 percent, to reach $36.58 in afternoon trading. Shares have traded between $21.21 and $41.22 over the last 52 weeks.

Lake Forest, Ill.-based Hospira makes drug delivery systems and devices with a key focus on hospital infusion systems and cancer treatments. The company said Eloxatin had about $1.4 billion in sales in 2008.