Biotech Values

[DewDiligence]

MNTA/NVS/SNY—Cliffs Notes version of the Court’s ruling on SNY’s request:

TRO=Temporary Restraining Order. Had this been granted, NVS would have had to cease commercial activities with respect to generic Lovenox pending the outcome of the hearing on SNY’s request for a preliminary injunction (scheduled for 8/17/10). However, the Court rejected SNY’s request for a TRO, which means there are no restrictions on NVS’ commercial activities with respect to Lovenox.

There are two reasons that could have caused the Court to reject SNY’s request for a TRO:

1. SNY did not show that a TRO was needed to avert serious economic to itself; or

2. The Court did not think SNY was likely to prevail in this case on the merits.

That Lovenox is a blockbuster drug argues against reason #1 above, which leaves reason #2 as the logical explanation for the Court’s refusal to grant a TRO.