Corcept stock drops after drugmaker loses patent lawsuit against Teva

Corcept Therapeutics Inc. shares (CORT) dropped 32% premarket on Tuesday after a federal court in New Jersey on Friday ruled against the drugmaker in its patent infringement lawsuit against Teva Pharmaceutical Industries Ltd. (TEVA). Teva seeks to market a generic version of Corcept's Korlym, a treatment for the endocrine disorder Cushing's syndrome, but Corcept failed to demonstrate that there is a likely direct infringement of its patent claims for the drug, the court said in its opinion. "This disappointing decision is based on legal and factual errors we are confident will be reversed on appeal," Corcept CEO Dr. Joseph Belanoff said in a statement Tuesday. "We will pursue our appeal vigorously," Belanoff said, "and will continue to assert our intellectual property rights whenever they are infringed." Teva did not immediately respond to a request for comment. Corcept shares gained about 60% in 2023. Teva's American depositary receipts fell 0.1% premarket on Tuesday and gained 14.5% over the past 12 months.

-Eleanor Laise

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01-02-24 0818ET

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