No More Deal? Novartis, Amgen Trade Lawsuits Over Aimovig Agreements
Novartis wants a federal judge to stop Amgen from terminating the companies' agreements around potential migraine blockbuster Aimovig, in which it claims to have invested $870m to date. Amgen wants to go to trial, letting a jury decide whether it can end the partnership – and win damages.
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An interim look at two Phase II/III trials showed the drug worsened cognition in people at high risk of developing Alzheimer's disease. This is the 16th failure of a BACE-targeting therapy.
Q1 revenue was roughly in line with expectations, but product sales were lower than consensus as multiple blockbusters faced generic competitors and biosimilars – a scenario the company prepared investors for earlier this year.
Q1 Earnings Preview: While investors will look for updates on Aimovig and Evenity launches and a recently revealed legal battle with partner Novartis, Amgen's current blockbusters also are in the hotseat.