After Axsome Therapeutics (AXSM) disclosed yesterday that Teva (TEVA) submitted a Paragraph 4 patent challenge against Auvelity for MDD, BofA analyst Jason Gerberry said the IP challenge "comes as expected" and is not a surprise since Auvelity is not a new chemical entity and "lacked the regulatory exclusivity necessary to shield the drug from early IP challenge." The "only surprise" is that the challenge came so quickly, happening only about four months post Auvelity’s commercial launch, according to the firm. BofA reiterates an Underperform rating and $52 price target on Axsome as it expects Auvelity’s MDD launch to fall short of consensus expectations.
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Published first on TheFly
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