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MYL - Biogen Surges After Winning Crucial Multiple Sclerosis Drug Patent
Mylan N.V.
Biogen (NASDAQ: BIIB) is up 18% today as news regarding a crucial patent ruling came out in the company's favor. A U.S. appeals panels denied a patient challenge (otherwise known as an inter partes review, or IPR) for Biogen's multiple sclerosis drug Tecfidera, which was contested by a generic version developed by Mylan.
Administrative patent judge Sheridan K. Snedden ruled that Mylan had failed to demonstrate why some parts of Biogen's patent protecting the drug were unpatentable, which was the company's argument going into the case.