Corcept Therapeutics plummeted 32.6% in premarket trading Tuesday after a loss in a patent trial with Teva Pharmaceuticals over a patent for Cushing’s syndrome drug Korlym.
The court found that Corcept (CORT) hadn't met its burden of proving induced infringement, according to a court ruling late Friday by Judge Renée Marie Bumb of the US District Court for the District of New Jersey.
"ORDERED that Teva has not infringed, and that Teva’s making, using, offering to sell, selling, or importing Teva’s generic mifepristone product will not infringe, claims 10–13 of the ʼ214 Patent or claims 1, 6, 7, and 9 of the ’800 Patent," the judge wrote in the opinion on Friday.
The court ruling comes after a trial in late September, which sent Corcept (CORT) shares plunging 17% on Sept. 17.
Corcept (CORT) has been in a patent battle with Teva (TEVA) over a patent for Cushing’s syndrome drug Korlym, marketed by Corcept. In December 2021 Teva lost an attempt to invalidate a parent for Korlym.
Corcept (CORT) originally sued Teva (TEVA) in federal court in March 2018 to prevent it from marketing a generic version of Korlym.
Corcept's (CORT) short interest is 18%.