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Why Amgen Shares Jumped Today

TheMotleyFool

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Shares of Amgen (NASDAQ: AMGN) were jumping 8.4% higher as of 3:09 p.m. EDT on Wednesday. The nice gain came after a U.S. appeals court ruled in Amgen's favor in a case challenging the validity of two patents for immunology drug Enbrel.

In 2019, the U.S. District Court for the District of New Jersey upheld two patents for Enbrel in litigation against Sandoz, a division of Novartis (NYSE: NVS). Sandoz developed a biosimilar version of Enbrel that Amgen believed infringed on key patents for its drug. The U.S. Court of Appeals for the Federal Circuit affirmed the district court ruling.

Image source: Getty Images.

Source Fool.com

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