Horizon Pharma Reverses Earlier Gains Following Patent Litigation Settlement

Shares of Horizon Pharma PLC HZNP were trading higher by more than 3 percent ahead of Thursday's market open. However, after 30 minutes of trading the stock was trading lower for the day by nearly 2 percent.

The company announced earlier in the morning its affiliates have entered into a settlement and license agreement with Teligent, Inc. to resolve a pending patent litigation involving PENNSAID.

Details of the settlement remain confidential but as part of the settlement, Horizon has granted Teligent the non-exclusive right to market a generic version of its drug in the U.S. under Teligent's Abbreviated New Drug Application (ANDA) beginning January 10, 2029.