Key Events Leading Up to Yesterday’s TEVA Win
Written by: Zack Miller | June 13, 2007
By Zack Miller
Read yesterday’s research update on Teva’s (TEVA) win versus on a preliminary injunction filed by Novartis (NVS). This is good news for Teva and warranted a write-up on the events leading up to yesterday’s news.
5/18/07: Teva received final approval and launched its generic version of Lotrel caps, beginning the ticking clock for Teva’s 180-day exclusivity.
5/19: Judge Cavanaugh of the U.S. District Court, District of New Jersey granted Novartis’s motion for an emergency temporary restraining order (TRO) and recall order.
5/21: Judge Cavanaugh vacated his TRO and recall order; instead, Judge Cavanaugh ordered both Teva and Novartis not to further sell or offer generic product beyond what has already been commercialized, at least until the status call held 5/29/07.
In typical Israeli fashion, Teva continues to manufacture and import product to America.
5/29: Judge Ackerman extended the 5/21 restraining order until further notice. In
addition, the judge stated that “the parties may confidently expect an opinion from this court one week from today.” Also on the 5/29 status call, the judge stated that he would decide the preliinary injunction motion based on the papers and briefs filed (no oral arguments), and therefore canceled the previously scheduled PI hearing on 7/11/07.
Lehman Brothers’ Analyst Richard Silver is excited about TEVA’s win. He believes, “generic Lotrel has the potential to remain a very attractive earnings contributor well beyond Teva’s 180-day exclusivity owing to the regulatory and legal status of potential future generic competitors, which may not arrive until mid-2008, or later…”
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Zack Miller is the lead equity analyst for America Israel Investment Associates, LLC. and a former equity analyst for a leading multinational hedge fund. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email zack@profile-financial.com
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