CELG Celgene Corporation

   By Maria Armental 
 

Celgene Corp. (CELG) and Accord Healthcare Ltd. have resolved patent claims over Celgene's leading product, blood-cancer drug Revlimid.

Under the terms of the settlement, Accord has agreed to vacate challenges to Celgene's patents, Celgene said Thursday in a securities filing. Also, Celgene granted Accord the ability to market a generic version of Revlimid, the drug lenalidomide, for certain conditions as soon as early 2022, before Celgene's patents and other restrictions in the U.K. and other European countries expire.

Other terms of the settlement weren't disclosed.

The deal effectively protects Celgene's Revlimid sales through early 2022. In its annual report filed with the Securities and Exchange Commission in February, Celgene had guided for European protection "through at least 2022."

Revlimid, the company's flagship cancer treatment, accounted for more than half of its $13 billion revenue in the most recent year.

This year, Celgene expects Revlimid net sales to reach $9.5 billion, up from $8.19 billion in 2017.

In 2015, Celgene reached a similar settlement with Natco Pharma Ltd., allowing the Indian drug maker to sell a limited amount of the generic version of Revlimid in March 2022.

Accord, one of the fastest-growing generic pharmaceutical companies in the U.K. and Ireland, sued Celgene in the U.K. last year. The matter was slated to go to trial this year.

Celgene shares, down 23% this year, were slightly down in after-hours trading.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

July 05, 2018 17:42 ET (21:42 GMT)

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