Teva Pharmaceutical Posting Strong Gain After Resolving Dispute With Amgen

(RTTNews) - Shares of Teva Pharmaceutical Industries Ltd. (TEVA) have shown a strong move to the upside during the trading session on Thursday, with the generic drug maker surging up by 5.2 percent.

The jump by Teva comes after the company announced it has resolved its ongoing dispute with Amgen (AMGN) over its generic cinacalcet HCl product.

Under the terms of the settlement, patent infringement litigation between the companies will be ended and Teva has agreed to stop selling its generic product until its license date in mid-year 2021, or earlier under certain circumstances.

Teva will pay Amgen an undisclosed amount as part of the settlement. That amount and other terms of the settlement remain confidential.