Updated from 2:14 p.m. EDT
Health stocks were mainly flat Tuesday despite a court ruling for the Plavix patent and updates from
The U.S. District Court for the Southern District of New York ruled to uphold the validity and enforceability of
patent for clopidogrel bisulfate, the active ingredient in blood thinner Plavix.
At one point in 2006, the companies had agreed to pay Canadian pharmaceutical company Apotex at least $40 million to keep its product off the market until the patent expires in 2011. Following the failure of the agreement, last August Canadian Apotex marketed the generic version before being stopped by a patent infringement case.
According to the judge's ruling announced today, the patent is protected in the U.S. until November 2011, and damages will be calculated at a future proceeding. Apotex, however, said it intends to immediately appeal the ruling.
Bristol-Myers Squibb rose $1.27, or 4.2%, to $31.58, and Sanofi-Aventis was up 24 cents, or 0.6%, to $41.59.
The Amex Pharmaceutical Index, which includes both Bristol-Myers Squibb and Sanofi-Aventis, was up 0.2% to 353.94.
Bayer AG, which
announced it was cutting 20 pipeline products, closed up $1.37, or 1.8%, to $76.38. The company's HealthCare subsidiary announced an agreement with
to co-market Recombinant Human Thrombin, rThrombin, sending ZymoGenetics shares up 40 cents, or 2.7%, to $15.32.
Last, Bayer HealthCare Pharmaceuticals along with partner
said the duo applied for marketing approval for cancer drug Nexavar to treat liver cancer in the European Union. Moreover, they anticipate submitting a new-drug application to the FDA later this summer. Onyx Pharmaceuticals was up 29 cents earlier in the day and closed down 8 cents, or 0,3%, to $29.02.
announced interim results from a phase I/II study. The company said the study, which included only 10 patients with recurrent breast cancer, showed its selective electrochemical tumor ablation therapy had a 75% tumor response rate and was safe and well-tolerated.
Inovio said six of eight evaluable patients and seven of nine evaluable tumors showed complete responses at 24 weeks or last evaluation. CEO Avtar Dhillon said, "We strongly believe in the clinical relevance of the SECTA therapy and believe these results will help prospective partners to better define the potentially broad applicability and market opportunity for this novel treatment."
The stock was up 5 cents, or 1.8%, to $2.85.