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FTSE 250 listed pharmaceutical company Indivior (LON:INDV) saw its shares decline by 12% to 100.20p (as at 14:19 GMT) after a US court rejected a request to rehear a case to block a rival from making a generic alternative to one of its drugs.
A preliminary injunction was initially granted against its competitor Dr Reddy’s Laboratories for the use of Indivior’s drug Suboxone film – which is used for treating opioid addiction – but that was lifted in November 2018.
Indivior said it would now file an emergency motion to the U.S. Court of Appeals for the Federal Circuit that would allow its rival to sell and import its generic alternative pending a decision by the court. The mandate is due to take effect on 11th February.
The rival product would result in Indivior’s drug “losing up to 80% of its market share within a matter of months”, the company added.