Intra-Cellular Therapies stock climbs on patent litigation settlement

Investing.com -- Shares of Intra-Cellular Therapies (NASDAQ:ITCI ), a biopharmaceutical company, saw an increase of up to 19%, reaching an intraday record.

This surge came after the company announced it had reached a settlement agreement with Sandoz (SIX:SDZ ) to resolve patent litigation concerning Caplyta, its bipolar depression medication.

The settlement agreement allows Sandoz to initiate the sale of generic versions of Caplyta starting from July 1, 2040. However, under specific conditions, the launch could occur earlier.

"As required by law,  Intra-Cellular Therapies will submit the agreement to the  U.S. Federal Trade Commission and the  U.S. Department of Justice. Similar patent litigation brought by  Intra-Cellular Therapies against other parties remains pending in the  U.S. District Court for the District of New Jersey," the company said in a press release.

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Source: Investing.com