Shares of AstraZeneca plc, the UK's second largest drugmaker, rose the most in five years this morning, July 2, after a US court upheld a patent on its Seroquel antipsychotic, the company's second bestselling product.
At 8:19 GMT, AstraZeneca shares were up 156 pence, or 7.3 percent, to 2,286 pence in London, the most since January 2003. Before today, the stock had dropped 20 percent in the past year.
US District Judge Joel Pisano in Trenton, New Jersey, yesterday, July 1, rejected claims by Teva Pharmaceutical Industries Ltd and Novartis AG that AstraZeneca failed to include key information during the application process before the US Patent and Trademark Office.
Teva said it planned to appeal the court decision.
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