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SOUTH SAN FRANCISCO – Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), a pharmaceutical company with impressive revenue growth of 54.71% over the last twelve months, has reached a settlement with Annora Pharma Private Ltd., Hetero Labs Ltd., and Hetero USA, Inc., collectively known as Annora, over a patent infringement lawsuit concerning Rigel’s TAVALISSE (fostamatinib disodium hexahydrate), a therapy for immune thrombocytopenia (ITP). The agreement grants Annora the right to market a generic version of TAVALISSE in the United States starting in the second quarter of 2032, with the possibility of an earlier launch under certain conditions.
The litigation initiated by Rigel was a response to Annora’s submission of an Abbreviated New Drug Application to the U.S. Food and Drug Administration (FDA), seeking approval for a generic version of TAVALISSE. The settlement has led to the termination of all ongoing litigation between the two parties regarding TAVALISSE patents pending in New Jersey.
Rigel’s president and CEO, Raul Rodriguez, commented on the resolution, stating that it affirms the robustness of Rigel’s intellectual property for TAVALISSE. He emphasized the company’s dedication to advancing its portfolio of novel therapies aimed at improving the lives of patients with hematological disorders and cancer.
ITP is a condition where the immune system attacks and destroys blood platelets, leading to excessive bruising, bleeding, and potentially severe medical complications. TAVALISSE is indicated for adult patients with chronic ITP who have not responded adequately to previous treatments. Despite existing therapies, there is a significant need for additional treatment options for ITP patients.
Rigel Pharmaceuticals, founded in 1996 and headquartered in South San Francisco, California, focuses on providing innovative treatments for hematologic disorders and cancer.
This news is based on a press release statement from Rigel Pharmaceuticals, Inc. Investors and stakeholders are reminded that forward-looking statements involve risks and uncertainties, and actual results may differ materially from those projected.
In other recent news, Rigel Pharmaceuticals has been in the spotlight with several notable developments. Citi analysts have raised their price target for Rigel Pharmaceuticals to $55, up from $49, while maintaining a Buy rating. This decision reflects confidence in Rigel’s commercial strategy and its projected revenue of nearly $200 million by 2025 from products like Tavalisse, Rezlidhia, and Gavreto. Additionally, Rigel’s financial health is underscored by an anticipated positive operating cash flow of $20 million for 2024. In contrast, Cantor Fitzgerald has maintained a Neutral rating for Rigel with a price target of $20, based on a revised financial model and the company’s guidance. Meanwhile, Rigel has appointed Dr. Mark J. Frohlich, an expert in oncology, to its board of directors. Dr. Frohlich’s extensive experience in cancer treatment and strategic portfolio management is expected to contribute to Rigel’s ongoing projects, including the IRAK1/4 and IDH1 inhibitor programs. These recent developments highlight Rigel’s strategic moves and financial projections, providing investors with a clearer picture of the company’s current standing.
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