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The U.S. Federal Circuit Court of Appeals said on Friday that Teva Pharmaceutical Industries Ltd (TLV: TEVA) will compensate GlaxoSmithKline plc (LON: GSK) with a payment of £182.09 million – a verdict that was originally given by a jury in 2017.

At £704.50 per share, Teva Pharmaceutical is now roughly 8% down year to date in the stock market. In March, shares of the company had tanked to as low as £571 per share due to COVID-19 disruptions. Teva currently has a market cap of £7.75 billion and a price to earnings ratio of 3,516.

Teva sold a generic alternative of GSK’s patented heart drug

Teva Pharmaceutical faces the penalty for selling a generic alternative of GSK’s patented heart drug Coreg. GSK had a list of medical conditions covered under its patent. But the 2-1 decision on Friday said there was substantial evidence that Teva Pharmaceutical was involved in patent infringement as it prompted doctors to recommend its generic alternative instead.

In a statement on Friday, GSK said it was satisfied with the ruling. Teva, on the other hand, demonstrated disappointment as it expressed plans of appealing against the decision. The Israel-based company reaffirmed its stance that it did not engage in patent infringement.  The U.S. unit of Teva was indicted on price-fixing charges earlier this year in August.

GSK’s Coreg currently has a license from the U.S. FDA to be marketed for heart conditions like hypertension, congestive heart failure, and left ventricular dysfunction following a myocardial infarction (heart attack).

Teva Pharmaceutical had started marketing a generic alternative for Coreg in 2007. GlaxoSmithKline sued Teva in 2014 that resulted in a Delaware jury penalizing Teva Pharmaceutical with £181 million that it

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The Logo Story

currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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