Biocon rallies 6%, hits record high on favourable ruling from US PTAB

Biocon's partner Mylan received a favourable ruling from U.S. Patent and Trademark Appeal Board (PTAB) on Sanofi's four device patents for Lantus SoloSTAR.

Shares of Biocon rallied 6 per cent to hit a record high of Rs 377 on the BSE on Monday after its partner Mylan received a favourable ruling from US Patent and Trademark Appeal Board (PTAB) on Sanofi’s four device patents for Lantus SoloSTAR. The stock surpassed its previous high of Rs 368 touched on April 20, 2020.

“Te U.S. Patent and Trademark Appeal Board (PTAB) ruled in favour of Mylan, Biocon’s partner in inter-partes review (IPR) proceedings, finding all challenged claims of Sanofi’s Lantus SoloSTAR device patents unpatentable,” Biocon said in its press release.