Amarin (NASDAQ:AMRN) news for Tuesday concerning a lawsuit over one of its drugs has AMRN stock taking a nosedive.
The Amarin news has to do with rival companies seeking to release generic versions of Vascepa, which is one of AMRN’s drugs. The ruling from the United States District Court for the District of Nevada is in favor of these generic companies.
Amarin isn’t happy about this ruling and says that it plans to fight it. The company argues that there is no approved abbreviated new drug application (ANDA) for Vascepa, which it claims means there can’t be a generic version of the drug from competitors.
John Thero, President and CEO of Amarin, said this about the AMRN stock news.
“Amarin strongly disagrees with the ruling and will vigorously pursue all available remedies, including an appeal of the Court’s decision and a preliminary injunction pending appeal to, if an ANDA is approved by FDA, prevent launch of generic versions of VASCEPA in the United States.
As we work to take all legal actions necessary to defend and protect our intellectual property, we will continue to press forward with our educational and promotional efforts for VASCEPA in treating indicated patients at high risk of cardiovascular events, such as heart attack and stroke. After we determine the outcome of our effort to prevent a generic launch (if an ANDA approval is obtained), we expect to provide an update on how we would adjust certain promotional activities for VASCEPA in the United States.”
The Amarin news release notes that there are no similar legal battles over Vascepa outside the U.S.
AMRN stock was down 70.66% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.