Novo Nordisk (NYSE:NVO) saw a nearly 1% rise in its stock price today after the U.S. Patent Office tribunal rejected challenges to two critical patents for its drugs Wegovy and Ozempic. These challenges were brought by Mylan Pharmaceuticals, a generic drugmaker aiming to produce generic versions of these medications.
Mylan, which is owned by Viatris Inc (NASDAQ:VTRS), had argued that the patents should be invalidated because they were based on the anti-diabetes medication liraglutide. The tribunal denied Mylan's requests to review the Wegovy and Ozempic patents.
Mylan has additionally challenged a third patent connected to a treatment method involving these medications. The board is set to announce its decision on whether to review this patent by Friday. Novo Nordisk said it plans to vigorously defend its intellectual property.
Wegovy, a groundbreaking weight-loss drug, has enjoyed significant sales, leading to predictions by some analysts that the obesity market could surpass $100 billion by the decade's end. Novo's profits from Wegovy and Ozempic have contributed to its status as Europe's most valuable company as of September.