Chinese biotech company, BeiGene (NASDAQ: BGNE) sunk in pre-market trading at the time of publishing on Thursday after a Bloomberg Law report that AbbVie (ABBV) filed a lawsuit in the U.S. District Court for the District of Delaware against BeiGene that accuses the company of a patent violation. ABBV has stated that BeiGene’s Brukinsa infringes on a patent covering ABBV’s blood cancer therapy Imbruvica.
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Imbruvica is marketed by AbbVie’s Pharmacyclics unit and Johnson & Johnson’s (JNJ) Janssen Biotech.
Analysts are bullish about BGNE stock with a Strong Buy consensus rating based on four Buys and one Hold.