Amgen Moves to Dismiss Regeneron's Antitrust Case Regarding Cholesterol Drug

Amgen Moves to Dismiss Regeneron's Antitrust Case Regarding Cholesterol Drug
  • Since their PCSK9 drugs to lower bad cholesterol won FDA approvals in 2015, Amgen Inc AMGN sued Regeneron Pharmaceuticals Inc REGN regarding intellectual property in crafting an antibody that blocks the protein PCSK9 that helps the body clear LDL cholesterol.
  • Drugs in the lawsuit are Regeneron's Praluent (alirocumab) and Amgen's Repatha (evolocumab).
  • In May, Regeneron filed an antitrust suit that alleged Amgen conducted a bundling scheme that allowed the company to charge low prices with which Regeneron couldn't compete.
  • Amgen has responded with a motion to dismiss the case in federal district court in Delaware, saying that Regeneron's "allegations do not come close to meeting the standards required to state a claim" for antitrust.
  • "Regeneron complains in this action about that competition, insisting it cannot compete for contracts on these terms and at these low prices," Amgen said in the first paragraph of its opening brief. "But antitrust law does not condemn—indeed, it embraces—competition and low prices. For that reason, Regeneron's claims face a very high bar."
  • In its new motion, Amgen says Regeneron is trying to interfere with the competition between pharmacy benefit managers, which has helped lower the price of Repatha and Praluent.
  • Price Action: AMGN shares closed at $251.08, and REGN stock closed at $643.29 on Monday.

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