Shares in Amgen and Novartis were little moved. As a result, Amgen sought this week to terminate the partnership on Aimovig — a move Novartis is now suing to prevent. Eptinezumab is Alder's experimental migraine treatment, and rivals Aimovig. Twitter. Elections, Stocks Drop on Stimulus Deadlock as Banks Tumble: Markets Wrap. If approved, eptinezumab would be a direct competitor to Amgen and Novartis' Aimovig. Aimovig, which won U.S. and European approvals last year, belongs to a new class of medicines that also includes Eli Lilly and Co’s Emgality and Teva Pharmaceutical Industries Ltd’s Ajovy. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. NEW YORK/LOS ANGELES (Reuters) - Swiss drugmaker Novartis AG sued Amgen Inc on Thursday, accusing the U.S. biotechnology company of trying to wrongfully back out of agreements to jointly develop and market the migraine prevention drug Aimovig and keep the profits for itself. Our Standards: The Thomson Reuters Trust Principles. Novartis said that Sandoz this year amended its contract manufacturing agreement with Alder, agreeing to continue supplying Alder’s drug only through 2023. Novartis called Aimovig a “runaway success,” used by about 210,000 patients in the United States and 20,000 elsewhere. Since then, competitive drugs from Teva Pharmaceutical (TEVA) and Eli Lilly (LLY) also have been approved. Our Standards: The Thomson Reuters Trust Principles. Alder’s shares fell 4.9 percent to close at $13.33. One quarter of the medcines cleared by the FDA's main review office over the last five years have been cancer drugs, a tally that reflects the advent of cancer immunotherapy as well as continued progress in matching treatment to genetics. Before it's here, it's on the Bloomberg Terminal. Follow Allison Gatlin on Twitter at @IBD_AGatlin. The lawsuit seeks to enforce the companies’ collaboration agreements and declare Amgen’s purported termination void. NEW YORK/LOS ANGELES (Reuters) - Swiss drugmaker Novartis AG sued Amgen Inc on Thursday, accusing the U.S. biotechnology company of trying to wrongfully back out of agreements to jointly develop and market the migraine prevention drug Aimovig and keep the profits for itself. In its suit, Novartis calls Aimovig's launch a "runaway success," according to Reuters. In its complaint, Novartis said it has spent at least $870 million on Aimovig since it began collaborating in August 2015 with Amgen, which previously controlled rights to the drug. Alder's shares fell 4.9 percent to close at $13.33. Biotech Stocks To Watch And Pharma Industry News, Eli Lilly Pauses Covid-19 Treatment Clinical Trials Over Safety Concerns, AstraZeneca Covid-19 Treatment Pact With U.S. Boosts AZN Stock, Covid Report: Regeneron Pharmaceuticals Files For Emergency Authorization; Gilead Inks European Supply Deal, Stock Market Pares Early Gains On Unexpected Spike In Jobless Claims, Eli Lilly Files Emergency Use Authorization Request For A Covid-19 Therapy, Dow Jones Rallies 400 Points On Trump Tweet After Tuesday's Market Meltdown, Dow Jones Gains As Bull Charge Wipes Out Losses; These Stocks Break Out. "Amgen asked Novartis to cure the breach," Amgen said in an emailed statement. The Swiss pharmaceutical company filed a lawsuit in a Manhattan federal court. Reporting by Deena Beasley in Los Angeles, Jonathan Stempel in New York, and John Miller in Zurich; editing by Bill Berkrot and Dan Grebler. "Amgen asked Novartis to cure the breach," Amgen said in a written statement to Investor's Business Daily. Novartis said that Sandoz this year amended its contract manufacturing agreement with Alder, agreeing to continue supplying Alder's drug only through 2023. NEW YORK/LOS ANGELES (Reuters) - Swiss drugmaker Novartis AG sued Amgen Inc on Thursday, accusing the U.S. biotechnology company of trying to wrongfully back out … Novartis said that Sandoz this year amended its contract manufacturing agreement with Alder, agreeing to continue supplying Alder’s drug only through 2023. E-Commerce Powerhouse MercadoLibre Eyes Record Brazil Invest... New York Calls for Social Media Oversight After Twitter Hack. “Sandoz is a separate entity who does contract manufacturing for many companies who would compete with an Amgen or whatever,” Alder Chief Executive Robert Azelby told Reuters in a telephone interview. Novartis filed a suit that aims to invalidate Amgen's attempt to terminate their agreements. “Amgen now wants to keep the Aimovig profits for itself and deprive Novartis Pharma of its contractual right to share in the product’s success and recoup its significant investments,” Novartis said. Global drug sales to treat migraines could total $8.7 billion by 2026, according to the GlobalData analytics firm. "Sandoz is a separate entity who does contract manufacturing for many companies who would compete with an Amgen or whatever," Alder Chief Executive Robert Azelby told Reuters in a telephone … “Amgen now wants to keep the Aimovig profits for itself and deprive Novartis Pharma of its contractual right to share in the product’s success and recoup its significant investments,” Novartis said. Sandoz and Alder both said their agreement is being phased out over the next five years and declined to comment on the claims between Amgen and Novartis. Novartis' involvement with Alder's development of eptinezumab is an interesting twist. The drugmakers on Thursday filed separate lawsuits in Manhattan federal court, accusing each other of violating two collaboration agreements they struck in 2015 and 2017 to work together and divvy up sales across the globe of Aimovig, which was approved in the U.S. in 2018. Termination of the agreements would not be effective until litigation is resolved.". Azelby said Alder intends to keep all U.S. marketing rights for eptinezumab migraine treatment, but is looking for a partner to sell it in other parts of the world. Eptinezumab is an intravenous migraine treatment. Alder said it is not a party to the pending litigation between Novartis and Amgen. REUTERS/Arnd Wiegmann. Roughly 39 million Americans suffer from migraine headaches, according to the Migraine Research Foundation. Get instant access to exclusive stock lists, expert market analysis and powerful tools with 5 weeks of IBD Digital for only $5! The lawsuit seeks to enforce the companies’ collaboration agreements and declare Amgen’s purported termination void. “Sandoz is a separate entity who does contract manufacturing for many companies who would compete with an Amgen or whatever,” Alder Chief Executive Robert Azelby told Reuters in a telephone interview. Crucially, Novartis claims, Thousand Oaks, California-based Amgen cooked up a "pretext" to get out of the deals by claiming Novartis violated a provision of one of the agreements that bars it from working on a competing drug. Global drug sales to treat migraines could total $8.7 billion by 2026, according to the GlobalData analytics firm. In September 2018, Amgen entered into patent litigation against the Sandoz arm of Novartis concerning its biosimilar Erelzi (etanercept-szzs), claiming patent infringement on Enbrel (etanercept). It aims to target a substance in the body associated with migraines in an effort to prevent them. Novartis and Amgen are also involved in litigation over a partnership to develop migraine drug Aimovig, which was launched in the United States last year. Shares in Alder fell nearly 5% Thursday on the news. Authors may own the stocks they discuss. Novartis subsidiary Sandoz recently agreed to make some quantities of the Alder migraine treatment through 2023. ", Read More: Amgen’s Aimovig Launch: Aggressive Rebates Bakes Into 4Q Sales.

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