Bausch Health (NYSE:BHC) rose 4% amid a win in a case with generic drugmaker Norwich Pharma over the company's bowel disease therapy Xifaxan.
The court denied granting a preliminary injunction for Norwich and granted the FDA and Salix's cross-motions for summary judgement, according to a court filing on Wednesday from U.S. District Judge Randolph Moss.
In June, Norwich filed a lawsuit against the FDA seeking final approval for its version of Bausch Health's (BHC) Xifaxan. The litigation came after a federal court judge in Delaware in May denied a motion to modify a previous ruling that prevented the FDA from approving Norwich's ANDA for Xifaxan until 2029.
"We see the ruling as the expected outcome in this litigation and as such, slighltly positive for BHC shares as Norwich will not be granted an immediate final approval for rifaximin ANDA," RBC analyst Douglas Miehm wrote in a note on Wednesday. "The question on the timing of the final FDA approval to Norwich's ANDA will likely fall on the appellate court now (likely Q1/24 decisions), in our view."
RBC has a sector perform rating and $8 price target on Bausch Health (BHC).
Bausch Health (BHC) is scheduled to report Q3 results on Thursday.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.