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Momenta Pharmaceuticals Inc higher after Teva gets Mixed Ruling on Copaxone (MNTA)

UPDATE: Momenta Pharma upgraded to Buy from Hold at Canaccord

UPDATE: Mylan released a statement saying that today’s ruling allows for a 2014 release of a generic version of Copaxone.

Mylan CEO Heather Bresch said, “We are very pleased with today’s ruling and we expect that it will allow Mylan to launch its generic version of Copaxone on May 25, 2014 upon expiration of Teva’s Orange Book patents, subject to Mylan’s final regulatory approval.” All other rulings by the district court have been affirmed, according to Mylan.

Shares of Momenta Pharmaceuticals (NASDAQ: MNTA) are up 8 percent after a federal court in New York ruled that Mylan Inc’s (NASDAQ: MYL) application to produce a generic form of multiple sclerosis drug, Copaxone has not infringed on some of Teva Pharmaceutical (NYSE: TEVA)’s patents.

In June, a federal court upheld other patents on the same drug but today’s ruling involves different patents.

“The patents in question in today’s decision are different than those involved in the appeal. We are reviewing the decision and have no further comment at this time,” Teva spokeswoman Denise Bradley said by email.

Patents on Copaxone account for 20 percent of Teva’s sales and 50 percent of its profits. They are set to expire in September 2015.

Although this case was against Mylan, Teva is also suing Momenta and Novartis AG (NYSE: NVS)’s Sandoz. Each is developing a generic equivalent of Copaxone.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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