The New York-based pharmaceutical bellwether, Pfizer (PFE
), announced on Wednesday that a federal court had invalidated its patent on Celebrex, a well-known painkiller.
The invalidated patent would have offered Pfizer an additional 18 months of exclusivity in the United States, and essentially a monopoly, on sales of its popular painkiller Celebrex. The U.S. Patent and Trademark Office had previously granted the company a “reissue patent” one year ago; this patent was intended to extentd U.S. patent protection of Celebrex through December 2nd, 2015 from May 30th, 2014 originally. Pfizer said that it disagrees with the court’s “invalidated” ruling and is looking for an immediate appeal of the decision.
The company is slated to go to trial next week as it plans to challenge six generic drug companies for alleged infringement on its Celebrex patent. Celebrex generated global sales of over $2.9 billion in 2013 for the company; this figure is likely to decrease if the company begins to face competition from generic versions of its blockbuster painkiller [see also Dow 30 Dividends: Everything You Need to Know].
Pfizer shares sank lower during today’s trading session, shedding $0.44, or 1.4%, as the closing bell rang. The stock is up just over 13% year-to-date.
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