Clovis Oncology Inc. (NASDAQ: CLVS) shares jumped early Tuesday after the European Patent Office upheld the company’s claims.
Specifically, the European Patent Office upheld claims of European Patent 2534153 in amended form covering certain crystalline forms of rucaparib camsylate, including rucaparib S-camsylate form A, the crystalline form in Rubraca.
In addition to the rucaparib camsylate patent protection through at least 2031 confirmed Tuesday, the commercial form of Rubraca is also entitled to European regulatory exclusivity until at least 2028 (and 2029 if an indication in a second tumor type is approved).
Also, Clovis has filed for supplementary protection certificate extension on this rucaparib camsylate patent in various European countries, which if approved, would provide extension of protection until 2033 under this patent.
Patrick J. Mahaffy, president and CEO of Clovis, commented:
We are very pleased with the outcome of the opposition proceedings today, but more importantly, we are gratified that the European Patent Office acknowledged the innovation behind this invention and upheld robust patent protection for Rubraca in Europe. This patent represents an important component of the intellectual property for Rubraca and we are happy that the Opposition Division upheld the relevant claims of the patent that cover the commercial form of Rubraca as well as other forms of rucaparib camsylate. We look forward to commercializing Rubraca in Europe and with this outcome, we are well-positioned to do so for a very long time.
Shares of Clovis were last seen up about 17% at $22.34, in a 52-week range of $11.50 to $69.02. The consensus analyst price target is $23.70.
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