RBC Capital sees 'buying opportunity' for Indivior after court ruling

RBC Capital sees 'buying opportunity' for Indivior after court ruling

RBC Capital sees 'buying opportunity' for Indivior after court ruling

Indivior - a FTSE 250 firm - plans to appeal against the ruling.

Shares in FTSE 250 drugmaker Indivior plunged nearly 40 per cent after it said it is gearing up to appeal a United States court ruling that said a proposed generic version of its key opioid addiction treatment does not infringe on any of its patents.

The average market share of Suboxone Film in the United States was 6% in 2016, it said, and it accounted for 80% of Indivior's total revenues past year.

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Indivior said it will "vigorously" defend its intellectual property, but it added a generic alternative launch could result in a loss of up to 80 per cent of the firm's market share in the U.S. within a matter of months.

Indivior's shares fell more than 38% Friday, to change hands at 256 pence, its biggest ever one day drop.

Jefferies analyst James Vane-Tempest, who covers Indivior, says in a note on Friday morning: "Pending appeal, which we estimate can take 12-18 months, Suboxone Film could face generic competition by early 2019".

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Indivior said if pharmacies could substitute Suboxone Film with a generic rival without direct consultation with the patient it could lead to the firm's treatment losing up to 80% of its market share "within a matter of months".

"We remain confident in Indivior's long-term outlook and vision", CEO Shaun Thaxter said in a statement.

He said his buy case was focused on the imminent approval and launch of Indivior's RBP-6000 injection for the treatment of opioid use, for which the company has forecasted peak revenues of $1 billion.

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The United States Food and Drug Administration (USFDA) has approved Suboxone film in four strengths, 2mg/0.5 mg, 4mg/1mg, 8mg/2mg and 12mg/3 mg (buprenorphine/ naloxone).

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