CORT - Corcept settles patent dispute with Hikma over Cushing's syndrome drug

• Corcept Therapeutics ( NASDAQ: CORT ) announced an agreement with Hikma Pharmaceuticals ( OTCPK:HKMPF ) USA on Thursday to resolve the ongoing patent lawsuit related to Korlym®, an oral therapy indicated for patients with Cushing’s syndrome.
• The litigation was filed in the New Jersey district court in 2021, shortly after Hikma ( OTCPK:HKMPF ) informed Corcept ( CORT ) about its submission of an Abbreviated New Drug Application (ANDA) seeking FDA approval for a generic version of Korlym.
• Per the terms of the settlement, Corcept ( CORT ) has allowed Hikma ( OTCPK:HKMPF ) the rights to market a generic version of Korlym from Oct. 01, 2034, or earlier subject to certain conditions.
• The companies plan to submit the agreement for the review of the U.S. Federal Trade Commission (FTC) and the United States Department of Justice (DOJ).
• A similar patent lawsuit filed by Corcept ( CORT ) against the U.S. unit of Teva Pharmaceuticals ( TEVA ) remains pending.
• Thanks mainly to higher sales volumes of Korlym, Corcept ( CORT ) added $366.0M net product revenue in 2021 with ~3% YoY growth.

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