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Be the first with the news that moves the market- Pharmaceutical company, HLS Therapeutics saw share prices drop significantly, after a US District Court ruled against Amarin Corporation plc
- The court ruled against Amarin’s icosapent ethyl drug patent and in favour of two generic versions of the drug
- HLS Therapeutics currently holds exclusive rights to Amarin’s drug in the Canadian market
- However, the company stated that the US ruling will not affect the drug’s Canadian patent restrictions
- HLS Therapeutics (HLS) is down 10.53 per cent, with shares trading at C$17.00 and a market cap of $541.17 million
Pharmaceutical company, HLS Therapeutics (TSX:HLS) is reassuring investors after a US court ruled against a drug patent in its portfolio.
The company’s market shares significantly dropped this morning, when the US District Court for the District of Nevada ruled against Amarin Corporation plc.
Amarin Corporation had brought legal proceedings against two generic versions of its icosapent ethyl drug, named VASCEPA.
Due to the ruling, Amarin’s hold over the patent has substantially weakened. HLS Therapeutics currently holds exclusive rights to the drug in the Canadian market.
HLS’s announcement today states that the drug’s Canadian patent restrictions remain unchanged by the ruling.
As VASCEPA wasn’t added to the Canadian Register of Innovative Drugs until January 2020, it has a rights protection on it for the next eight years.
The US ruling will only affect the drug’s patent regulations within US borders. Furthermore, HLS has not had litigation brought against it regarding the patents.
HLS Therapeutics specialises in drugs for the central nervous system and cardiovascular markets. Icosapent ethyl is used to reduce triglycerides in the blood, which in turn reduces the risk of heart disease.
HLS CEO, Greg Gubitz, restated that the ruling should not affect the company’s use of the drug moving forward.
“This court ruling in the US does not affect the Canadian business for VASCEPA, or our growth outlook for the product.
“Since our launch several weeks ago, we continue to move forward on our plan to bring a new and unique treatment option to the many Canadians who suffer from cardiovascular disease, the world’s number one killer,” he said.
Since the ruling became public, Amarin Corporation’s share price has plunged by over 70 per cent.
HLS Therapeutics (HLS) is down 10.53 per cent, with shares trading at C$17.00 at 2:00pm EST.
