Bristol-Myers, Pfizer stocks rise on blood-thinner patent win

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Bristol-Myers Squibb Co. shares rallied in the extended session Wednesday after a federal judge ruled for it and Pfizer Inc. in a key patent fight over a blood thinner. Bristol-Myers shares surged 5.1% after hours, following a 0.4% rise to close at $59.69. Pfizer shares advanced 1.9% after hours, following a 0.2% gain to close at $38.45. In a ruling Wednesday, a federal judge said that products made by Sigmapharm Laboratories LLC, Sunshine Lake Pharma Co., and Unichem Laboratories Ltd. infringed patents protecting the blood-thinner Eliquis. Bristol-Myers and Pfizer have a profit-sharing agreement on the drug. In 2019, Eliquis was Bristol-Myers’s top selling drug with sales of $2.03 billion, following its acquisition of Celgene in November.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.