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Why Avanir Pharmaceuticals (AVNR) Stock Spiked Today

Stocks in this article: AVNR

NEW YORK (TheStreet) -- Avanir Pharmaceuticals  (AVNR) spiked Wednesday afternoon after the U.S. District Court for the District of Delaware ruled in the company's favor in its patent infringement lawsuit against Par Pharmaceuticals and Impax Laboratories over NUEDEXTA.

The latter two companies had Abbreviated New Drug Applications for generic versions of NUEDEXTA capsules for the treatment of pseudobulbar affect, a medical disorder characterized by sudden and uncontrollable episodes of crying or laughing. After a six-day bench trial, the court ruled in Avanir's favor.

"We are very pleased with the Court's decision, as it confirms our continued belief in the strength of the patents covering NUEDEXTA," said Avanir President and CEO Keith A. Katkin in a statement. "Our focus remains on making NUEDEXTA available to patients suffering from the debilitating condition of PBA. This decision provides twelve-plus years of market exclusivity for NUEDEXTA."  

NUEDEXTA is still the only FDA-approved item for pseudobulbar affect treatment, according to Avanir's statement.
 
The stock spiked nearly 40% to a high of $4.78 for the day at 3:16 p.m.
AVNR Chart

AVNR data by YCharts

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