million for a low single-digit reduction in royalties payable on rimegepant sales, among other things. Patent Trial and Appeal Board has denied a motion to terminate patent challenges against patents for Allergan's [:s: AGN] dry eye medication Restasis.
Biohaven shares have dropped 26.9% over the last month, compared with a 4.6% drop in the S&P 500 . Allergan previously made a deal with the New York state American Indian tribe the St.
The company touted that the drug had met both registrational co-primary endpoints in the two trials, and said it plans to file for approval with the Food and Drug Administration in 2019, but it will also have a formidable rival in this drug category, biopharmaceutical company Allergan . Allergan announced positive late-stage results for its migraine drug, ubrogepant, in February, and also expects to file with the FDA in 2019.
shares dropped nearly 23% in premarket trade Monday after the company released data from two phase 3 clinical trials for its migraine drug rimegepant.
Allergan PLC shares surged in premarket trade Tuesday after the company said its migraine drug had positive results in a late-stage clinical trial.
Allergan also reported fourth-quarter earnings early Tuesday.
Regis Mohawk Tribe to protect Restasis from competition using the tribe's sovereign immunity as a shield against patent challenges, a deal that was widely criticized, including by lawmakers.
Generic drugmaker Mylan made the patent challenge against Allergan's Restasis, which targets six patents.
In addition, Biohaven and Allergan's trials were not designed exactly the same, Raffat said.Mylan Chief Executive Health Bresch called Allergan's deal with the tribe "a sham." The tribe had not established that its sovereign immunity applied to the specific patent challenge proceedings, the PTAB said, and that even if it did apply, the challenge could continue because Allergan was still involved as an owner of the patents.An oral hearing on the case is tentatively scheduled for April 3, and a final written decision is expected by June 6.Biohaven expects to release additional results from the trials at scientific meetings this year.In mid-March, Biohaven paid Bristol-Myers Squibb Co.