Gilead Wins Reversal of $1.2B Patent Loss to Bristol-Myers: Bloomberg

Gilead Sciences Inc GILD persuaded a U.S. appeals court to reverse a $1.2 billion judgment Bristol-Myers Squibb & Co BMY had won over immuno-oncology treatments.
The patent owned by Bristol-Myers’s Juno Therapeutics and the Sloan Kettering Institute for Cancer Research is invalid, the U.S. Court of Appeals for the Federal Circuit ruled, Bloomberg reported.
The jury verdict that upheld the patent was “not supported by substantial evidence,” the three-judge panel ruled.
Price Action: GILD shares are up 0.37% at $71.68, and BMY shares are down 0.58% at $67.21 during the market session on the last check Thursday.