Biogen Stock Rises, Forward Pharma Halted Down 20% After Patent Ruling

Shares of Biogen Inc. rose Friday, while Forward Pharma A/S shares were halted after falling almost 20%, after Biogen was reported to have won a patent ruling. The U.S. Patent Office ruled in favor of Biogen in a patent interference proceeding related to its multiple sclerosis drug Tecfidera, according to Evercore ISI analyst Umer Raffat. Biogen paid Forward Pharma $1.25 billion in February related to the patent that covers ways of treating MS patients. Raffat said Biogen would have been on the hook for royalty payments of about $300 million annually starting in 2021, if it had lost the patent ruling. Biogen shares were up 1.2% Friday, but have gained just 4% year-to-date, while the S&P 500 has gained almost 6%.