Update 12pm: Updates shares.
- Vanda Pharmaceuticals ( NASDAQ: VNDA ) plummeted 23% after a loss in patent case for its sleep-wake disorder drug Hetlioz.
- All four claims in the case were found to be invalid, according to the court opinion.
- "I find that Defendants' ANDA products do not infringe claim3 of the RE604 patent and that claim 3 of RE604 patent, claim 4 of the the RE604 patent and that claim of the RE604 patent, claim 4 of the the #829 patent, claim 14 of the #910 patent, and claim 5 of the #487 patent are invalid," U.S. District Judge Colm F. Connolly wrote in his opinion.
- Vanda filed suits against Teva and others between April 2018 and March 2021 arguing that proposed generic versions would infringe patents for Hetlioz, which is used to help people with abnormal sleep patterns.
- Hetlioz's sales represented 65% of Vanda's ( VNDA ) 2021 product sales, according to Vanda's 2021 10-K filing.
- Earlier this month Vanda said that VQW-765, a drug candidate targeted at performance anxiety, reduced stress levels in a group of volunteers who took part in a randomized and placebo-controlled Phase 2 trial.
For further details see:
Vanda Pharmaceuticals plunges after loss in Hetlioz patent case (update)