Canada's Biovail got some more unwelcome news today when a judge ruled that Anchen Pharmaceuticals did not violate its patent on Wellbutrin XL with its generic version of the drug. Trading of Biovail shares was halted as the news hit the wires. Biovail makes most of its money from Wellbutrin XL. While analysts had been looking for a mid-2007 entry of generic competitors, this ruling could well open the way to a much faster rollout. Meanwhile, Biovail's chairman has been accused of violating Canada's insider trading regulations, and the SEC is investigating the company's accounting practices. Shares of GlaxoSmithKline, the marketing partner for Wellbutrin XL, had slipped 2 percent on the announcement.
- check out the Globe and Mail report on the decision
ALSO: A number of experts say the case against Biovail founder Eugene Melnyk will be hard to prove. Report