Pfizer Wins London Court Battle, GSK's Respiratory Syncytial Virus Vaccine Patents Invalidated
On Monday, Pfizer Inc. (NYSE:PFE) stock is trading higher with a session volume of 31.16 million as per data from Benzinga Pro.
Activist investor Starboard Value has invested approximately $1 billion in Pfizer as the pharmaceutical giant grapples with a downturn in demand for COVID-19 vaccines and treatments.
In another positive development, Pfizer won a bid in a London court to invalidate two of GSK Plc’s (NYSE:GSK) patents relating to its respiratory syncytial virus (RSV) vaccine.
Also Read: UK Chooses Pfizer Over GSK for Multi-Million Dose RSV Vaccine Contract.
Pfizer and GSK are competing to tap into the respiratory syncytial virus (RSV) vaccine market, which could exceed $10 billion by 2030.
In August 2023, GSK sued Pfizer in Delaware court, alleging that Pfizer’s RSV vaccine Abrysvo violates GSK’s four patent rights in its RSV shot Arexvy.
In the lawsuit, GSK said that Pfizer began working on its RSV program as early as 2013, at least seven years after GSK.
The European pharma giant also says that Pfizer knew of at least the '002 Patent (which is entitled Recombinant RSV Antigens) since at least October 2019, when Pfizer filed an opposition in the European Patent Office claiming that a European counterpart to the '002 Patent is invalid.
In June 2022, Pfizer also filed an action against GSK in the Royal Courts of Justice in London, claiming that European counterparts to the '002 and '239 Patents (RSV F Protein Compositions and Methods for Making Same) are invalid.
The lawsuit said Pfizer had known of GSK’s patented technology since at least 2019 when it began challenging the validity of European versions of the patents.
Reuters noted that a GSK spokesperson stated that the ruling “does not affect our ability to launch and market Arexvy globally, including in the UK.” The company remains confident in the validity of its patents, which it believes Pfizer has infringed and plans to appeal the decision.
In response, Pfizer expressed satisfaction with the court’s verdict. A spokesperson said, “Pfizer is pleased with the UK High Court’s decision, which found certain GSK patents related to RSV technology to be invalid and not infringed.”
Price Action: GSK stock is up 0.06% at $38.85, and PFE stock is up 2.38% at $29.26 at last check Monday.
Read Next:
Photo via Shutterstock
UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
This article Pfizer Wins London Court Battle, GSK's Respiratory Syncytial Virus Vaccine Patents Invalidated originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.