Momenta Pharmaceuticals Falls 17% on Patent Infringement Ruling
Momenta Pharmaceuticals (NASDAQ: MNTA) is trading lower on the session after announcing that Teva Pharmaceutical (NASDAQ: TEVA) received a favorable ruling in COPAXONE patent infringement case. The decision is subject to appeal.
Craig Wheeler, President and Chief Executive Officer of Momenta. "We are disappointed that the court determined that Teva's patents were valid and infringed, and we look forward to reading the full opinion to understand its reasoning. We remain confident in our legal position and we intend to appeal."
Momenta Pharmaceuticals is currently trading at $14.02, a loss of $2.99 or 17.61%.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.