Why Amgen Stock Perked Up Last Month
Biotech heavyweight Amgen (NASDAQ: AMGN) saw its shares gain a healthy 12.2% over the course of August, according to data from S&P Global Market Intelligence. What triggered this double-digit move higher?
On Aug. 9, the U.S. District Court for the District of New Jersey upheld the two patents protecting the anti-inflammatory medicine Enbrel from biosimilar competition until 2029. Novartis' (NYSE: NVS) Sandoz division is attempting to invalidate the patents in order to launch its Enbrel biosimilar, known as Erelzi. Erelzi was approved three years ago by the Food and Drug Administration (FDA), but it has yet to launch because it infringes on those two key patents.
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Source Fool.com
