Published on 2 Jan 2024 on Zacks via Yahoo Finance
Corcept (CORT) Falls on Loss of Korlym Patent Lawsuit to Teva
Shares of Corcept Therapeutics Incorporated CORT were down 38.4% on Dec 29 after the United States district court for the district of New Jersey passed its judgment on the company’s patent infringement lawsuit against Teva Pharmaceuticals TEVA.
The patent infringement lawsuit was related to Corcept’s sole marketed drug, Korlym (mifepristone), which is approved for treating Cushing’s syndrome.
The United States district court ruled in favor of Teva as Corcept did not meet its burden of proof and failed to demonstrate the likelihood of direct infringement of its patent by Teva.