Why Amarin Stock Is Sinking Today
Shares of the Dublin-based biopharma Amarin (NASDAQ: AMRN) are down by 10.8% as of 10:34 a.m. EDT Monday. The drugmaker's stock is taking another step backward today following the U.S. Supreme Court's decision to reject the company's bid to dispute a lower court's adverse ruling on its patents for the heart drug Vascepa.
In March of 2020, the U.S. District Court for the District of Nevada ruled that Vascepa's core patents were invalid based on prior art. This adverse ruling opened the door for generic drug approvals by companies such as Hikma Pharmaceuticals and Dr. Reddy's Laboratories.
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Source Fool.com
