Shares of Generic Manufacturer Teva Pharmaceuticals Industries Ltd. on Wednesday increased by approximately 5% on the announcement of a settlement and licensing agreement with Neos Therapeutics Inc. to settle a patent dispute on the treatment of attention deficit disorder (ADHD).  Neos
said the confidential agreement concedes Teva
TEVA, + 8.43%
the right to manufacture and market its generic version of Cotempla XR-ODT under certain circumstances as of a new TEVA application as of July 1
"We are pleased that we have reached this agreement and our innovation will continue to defend drugs against any challenge," said Jerry McLaughlin, Neos Therapeutics' Chief Executive Officer, in a statement.
Neos specializes in the development of modified release products using its patented microparticle technology for drug delivery. In November, the company announced a reorganization of its retail business to refocus its ADHD products, including Adzenys next to Cotempla.
"The ADHD market is very large with more than 70 million prescribed prescriptions per year, and we believe that this streamlined structure of distribution structure and reorientation of the area will provide our resources for the most appropriate regions and goals of physicians." McLaughlin said at that time.
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The Company had a net loss of $ 12.7 million, or 43 cents per share, for the third quarter ended September, following a loss of $ 16.3 million, or 58 cents per share, in the prior year period. Sales increased from $ 7.1 million to $ 12.5 million. Of this, $ 11.9 million was spent on ADHD products.
Neos shares fell 8% against the news and fell by about 86% in 2018, while the S & P dropped to 500
SPX, + 4.96%
has fallen by about 10%.
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