Shares of Corcept Therapeutics (CORT) lost more than 20% on Thursday after a federal appeals court ruled against the company in a patent dispute with Israeli drugmaker Teva Pharmaceuticals (TEVA) related to its lead product, Korlym.
In August 2020, Teva (TEVA) received FDA approval to market a generic version of Korlym, a once-daily oral medication, also known as mifepristone, used to treat a rare condition called Cushing’s syndrome.
The U.S. Court of Appeals for the Federal District issued the ruling on Thursday after Corcept (CORT) appealed a ruling from a New Jersey District Court judge, who determined in 2023 that Teva (TEVA) has not infringed upon the company’s U.S. patents 10,195,214 and 10,842,800.
“Because we see no clear error in the district court’s fact findings regarding direct infringement, we need not and do not reach the additional finding of specific intent to induce infringement,” the appeals court judges wrote.