Allergan Slides After Mylan Granted Request For Review Of Restasis Patent

According to a post to the site of the U.S. Patent and Trademark Office, Mylan Pharmaceuticals (MYL) filed a Petition requesting an inter partes review of claims 1-24 of U.S. Patent No. 8,633,162 B2 held by Allergan (AGN). 

The USPTO determined that Mylan has established a "reasonable likelihood that it would prevail in showing the unpatentability of claims 1-24" and instituted an inter partes review of those claims. The '162 patent generally relates to methods of providing therapeutic effects using cyclosporin components, and more specifically to a formulation containing cyclosporin-A and castor oil emulsions for treating dry eye syndrome.

Allergan's Restasis is approved to help increase eyes' natural ability to produce tears, which may be reduced by inflammation due to Chronic Dry Eye. Allergan shares are down 0.6% in late day trading, which is off the stock's earlier lows.