Teva did not infringe OxyContin patents, shares rise

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Teva did not infringe OxyContin patents, shares rise

A federal judge said Teva Pharmaceutical Industries Ltd did not infringe five patents related to the painkiller OxyContin, helping push shares of the world's largest generic drug manufacturer up 6.7 percent on Tuesday. Earlier in the day, Teva executives said at a JPMorgan healthcare conference that they were confident a new version of its multiple sclerosis drug Copaxone that requires less frequent dosing will soon win regulatory approval for use in the United States. In a 115-page decision in the patent case, U.S. District Judge Sidney Stein rejected arguments by OxyContin manufacturer Purdue Pharma Inc that Teva infringed its patents by seeking U.S. Food and Drug Administration approval to sell generic equivalents of the drug. Three of the patents related to an improved formulation of oxycodone, the active ingredient in OxyContin.

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