Forward Pharma (FWP): Reiterating Buy Ahead Of Next Week's Litigation - Leerink
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Leerink Partners analyst, Jason Gerberry, reiterated his Outperform rating on shares of Forward Pharma (NASDAQ: FWP) ahead of the interference oral arguments. The analyst is modeling 65% odds to FWP prevailing in its patent interference dispute with Biogen (NASDAQ: BIIB) regarding the Tecfidera IP.
Biogen appears resolved to defend its '514 Tecfidera dosing patent, the longest-lived patent (expires 2028E) protecting the $3.4bn US brand, rather that settle with FWP, which is disputing priority of invention. A win for FWP in the interference could entitle it to damages/royalties for patent infringement. Biogen's decision not to settle most likely stems from concerns about the longevity of the '514 patent & its internal belief FWP's patent application fails to meet patentability requirements. The analyst believes that FWP's case comes down to whether the PTAB accepts Biogen's written description argument which will likely be the focus of the interference hearing. Rulings are expected on both IPR and Interference in 1Q’17.
No change to the price target of $44.
Shares of Forward Pharma closed at $21.24 yesterday.
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