Puma Biotechnology dips after dismissal of its suit was granted by a federal judge
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Puma Biotechnology (NASDAQ:PBYI) fell over 6% on Monday after a federal judge granted AstraZeneca’s (AZN) motion to dismiss Puma Biotech from a lawsuit seeking royalties from its Tagrisso medicine.
The court order, however, denied AstraZeneca’s motion for a summary judgment on non-infringement, except with respect to the issue of pre-issuance damages, on which the federal court ruled in favor of AZN.
In September 2021, Pfizer’s (PFE) unit Wyeth and Puma filed a case against AstraZeneca, seeking damages for alleged infringement on Puma’s exclusive license to Wyeth’s patents with regard to Tagrisso’s composition.
Judge Matthew F Kennelly further denied AstraZeneca’s motion to dismiss with respect to Wyeth as well as Wyeth’s motion for summary judgment on AstraZeneca’s advice-of-counsel defense.
Tagrisso is a prescription medicine used to treat adults with non-small cell lung cancer that has certain abnormal epidermal growth factor receptor genes.
The case is set for a telephonic status hearing on March 22, 2024, at 8:30 a.m.
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