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Allergan, Inc. (NYSE:AGN) Loses Latisse Eyelash Ruling; Rejects Valeant Pharmaceuticals Intl Inc (NYSE:VRX) Offer

Boston, MA 06/11/2014 (wallstreetpr) – Allergan, Inc. (NYSE:AGN), the Botox wrinkle therapy maker, lost a ruling in the appeals court which will cause generic versions of the company’s Latisse eyelash medicine enter the marketplace.

Ruling Rejected

Allergan, Inc. (NYSE:AGN) and Duke University owned two patents on its drug Latisse but as per the website posting, the U.S. Court of Appeals for the Federal Circuit have invalidated both the patents. The court rejected an order which sought to prevent Apotex Inc., Actavis plc (NYSE:ACT) and Novartis AG (VTX:NOVN)’s Sandoz division from bringing like versions of the drug into the market.

Allergan’s Latisse was developed as a variation of the company’s glaucoma treating drug, Lumigan. It was developed when studies revealed eyelash growth as a potential side effect of glaucoma therapy. Allergan, Inc. (NYSE:AGN) was approved of the patents with this application idea, but the court does not accept it any longer. The patents, which encompass novelty in ways of application of the chemical compound so as to enhance eyelash growth, are due to expire in 2022 and 2024. The Irvine, California based drug maker had laid down its estimation in May regarding sales of Latisse this year and had given a figure ranging from $100 million to $110 million.

Another important patent in Allergan’s book, concerning some variations of Lumigan, will expire in August. The company had won a lawsuit earlier this year, which involved a formulation for the 0.01% solution which will allow it to sustain specific form away from the market through 2027.

Too Low Bid

Allergan, Inc. (NYSE:AGN) declined a take- over offer of $54 billion it had received from Valeant Pharmaceuticals Intl Inc (NYSE:VRX). The company’s board believes the offer is too low. Valeant’s most recent bid, after increasing the initial offer twice in the previous month, offered Allergan $177 per share. The Canadian pharmaceutical company’s sweetened offer failed to appeal Allergan’s Chief Executive Officer, David E. I. Pyott.

Published by Christine Lawrence

Christine Lawrence is a financial analyst. She loves analyzing socioeconomic trends in the background of financial moves. She has overall seven years of experience in Auditing, Finance and Writing.

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