Shares of Puma Biotechnology (PBYI) jumped more than 18% on Friday after the company said that regulators had upheld one of its patents. PBYI stock climbed another 4% in Monday morning trading on the news.
PBYI said that its licensed European patent (EP 1848414) had been confirmed by the European Patent Office. The patent, which PBYI licensed from Pfizer (PFE) in April 2011, had been challenged by Boehringer Ingelheim International GmbH.
The patent was part of a deal between Pfizer and PBYI that licensed neratinib to PBYI. The patent under dispute “included a pharmaceutical composition for use in treating cancer in a subject with a cancer having a mutation in EGFR with a T790M mutation.”
Boehringer Ingelheim International asked the European Patent Office to revoke the patent in November 2011. However, last week the European Patent Office upheld the patent’s claims regarding the T790M mutation “without any modification.”
PBYI CEO Alan H. Auerbach said that PBYI current does not plan to develop neratinib in cancers with a T790M mutation. Still, he praised the European Patent Office’s decision and indicate that PBYI recognized “the value of this important patent in our overall patent estate and in the T790M landscape and we are committed to strengthening our patent portfolio.”
Shares of PBYI have soared more than 400% over the past year.