3 Healthcare Stock Stories Catching Attention Before the Weekend

GlaxoSmithKline Plc  (NYSE:GSK): Closing price $52.18

In a blow to GlaxoSmithKline, India has revoked its patent granted for the breast cancer drug Tykerb. The ruling comes on the heels of a landmark India court ruling barring patents for incremental innovations, which was very detrimental to pharmaceutical firms worldwide. However, India’s Intellectual Property Appellate Board upheld a patent granted on the original compound, or active pharmaceutical ingredient, lapatinib, pointing to innovative merit. In reaction, a GSK spokesperson said that its medicine would still be covered by patent protection until 2019. However, the additional patent on the particular salt of lapatinib used in Tykerb, which has now been turned down, would have extended that protection to 2021.

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SIGA Technologies, Inc. (NASDAQ:SIGA): Closing price $3.53

On Friday, SIGA said that it has chosen a lead candidate for its dengue fever antiviral program. Chief Scientific Officer, Dr. Dennis E. Hruby, observed, “Identifying a lead candidate is an early but crucial step in a long journey to develop a dengue fever drug. Our new, orally bioavailable lead candidate compound appears to have a novel mechanism of action against all four serotypes of dengue virus in vitro at the nanomolar level, and to demonstrate efficacy in mouse models. Having selected a lead preclinical candidate compound, we intend to start scale-up and formulation work as we pursue Investigational New Drug enabling studies.”

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Mylan Inc. (NASDAQ:MYL): Closing price $36.40

In a report published on Friday, analyst David Risinger at Morgan Stanley upgraded Mylan from Equal-weight to Overweight, and set a price target of $41. Risinger said in the report, “We are upgrading MYL shares from Equal-weight  to Overweight, and setting a price target of $41, or 11x 2015E earnings of $3.75. This is an  earnings and multiple call. The company’s analyst meeting on Aug. 1 provided visibility on key medium-long term growth drivers.” Mylan shares closed up over 7 percent on the day.

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MYL-20130802

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