Corcept’s Stock Plummets Following Patent Lawsuit Loss Over Korlym Drug

Summary

  • Corcept’s stock experienced a significant drop after hours, plummeting by almost 38%
  • The drop is associated with a lawsuit relating to Corcept’s Cushing’s syndrome drug, Korlym, known for regulating cortisol and managing high blood sugar among other things
  • Teva Pharmaceuticals aims to release a generic version of Korlym, which was approved by the FDA in 2020 but has not yet been released
  • A US district judge ruled that Corcept failed to prove that Teva directly infringed its patent

Corcept’s Stocks Plunge After Hours

Corcept, the pharmaceutical company experienced a substantial drop, nearly 38% in its stock value during the after-trading hours.

Link to Lawsuit Involving Korlym Drug

The decline in share price is associated with a lawsuit related to Corcept’s Korlym drug. This medication is used in the treatment of Cushing’s syndrome, a condition that results in excess cortisol leading to high blood sugar and other health issues.

Teva’s Generic Version of Korlym

Teva Pharmaceuticals intends to put a generic version of the Korlym drug on the market. Despite obtaining approval for its plan from the U.S. Food and Drug Administration in 2020, its product remains unreleased.

Failure To Prove Patent Infringement

In the legal dispute, a United States district judge ruled that Corcept did not successfully exhibit that Teva directly violated its patent.

Considering the lawsuits and the potential introduction of a generic version of Korlym by Teva Pharmaceuticals, these developments may influence financial markets. Particularly, they may impact the trading of assets like pharmaceutical stocks or forex related to these companies.

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