Pfizer Wins $107.5 Million From AstraZeneca in US Cancer Drug

BATS:PFE   Pfizer
Pfizer ( PFE ) has won $107.5 million in damages from AstraZeneca in a US cancer drug patent trial. A Delaware federal jury found that AstraZeneca's lung cancer drug Tagrisso violated its Wyeth unit's patent rights. The jury agreed that AstraZeneca's drug infringed two patents covering methods for treating cancer with the breast-cancer drug Nerlynx, which is sold by Puma Biotechnology.

Puma licenses the patents from Pfizer ( PFE ) to make its drug. AstraZeneca, which earned AstraZeneca nearly $5.8 billion in revenue last year, denied infringing the patents and argued they are invalid. Pfizer ( PFE ) is no longer a plaintiff in the case. A separate bench trial on some of AstraZeneca's remaining defenses is set to be held in June, which could result in a ruling that negates the verdict.

Technical Outlook
Pfizer ( PFE ) closed Friday's trading at $28.64 down by 0.97%. The stock has a Relative Strength Index (RSI) of 64.11 which is liable for further growth. Pfizer ( PFE ) stock is set to rise from its Falling Wedge Pattern which started from the 6th of January, 2024.

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