NEW YORK (TheStreet) -- The Medicines Co. (MDCO) plunged more than 15% to a one-year low on Tuesday after the pharmaceutical company provided an update on its ongoing litigation after the close of trading on Monday.
The company announced a judge in the U.S. District Court of Delaware ruled that two patents in The Medicines Co. vs. Hospira Inc. case were valid. The court has yet to make a final judgment in the case.
The case involves Hospira's attempts to release a generic version of The Medicines Co.'s Angiomax, an anticoagulant used during heart surgery. The judge offered that The Medicines' patents were valid but that the company had not proved Hospira infringed on said patents.
The stock hit a one-year low of $23.53 as of 11:30 a.m.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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