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Biogen’s Best-Selling Drug Loses Patent In EU, Says Cowen

A European court revoked a patent on Biogen ‘s ( BIIB ) multiple-sclerosis drug Tecfidera on Thursday, according to an analyst at Cowen & Co. Eric Schmidt wrote in a brief note Thursday afternoon that a European Union court had revoked European Patent EP2137537, which covered the 480-mg-per-day dose of Tecfidera, which first launched in 2013. The patent, which expires in 2028, is one of four that Biogen holds on Tecfidera in the EU, along with a 10-year period of market exclusivity due to its classification as a “new active substance.” “The U.S. patent equivalent of the ‘537 patent is the ‘514 patent, which is being challenged in an interference proceeding by Forward Pharma ( FWP ),” Schmidt wrote. “While we don’t know the rationale behind the revocation of the ‘537 patent, we assume it also has to do with Forward Pharma, which claims an earlier filing date for a similar invention.” Schmidt wrote that Biogen will probably appeal the decision, which would suspend the revocation for as long as four years as the court battle goes on. If the appeal fails, he estimates that over $1 billion in sales — about a quarter of the worldwide total — will be at risk. Tecfidera is currently Biogen’s top-selling drug, providing a third of revenue last year. The news came out shortly before the close, as Biogen stock followed the rest of the market by rising early but then erasing its gains. It close down 1.4% at 251.97. Forward Pharma closed down 0.8% at 13.17 but was up 6% in after-hours trading.

Plan To Move Internet Oversight From U.S. To Global Body Progresses

A plan to transition global stewardship of key technical Internet functions from the U.S. government to an international body took a critical step forward Thursday. The Internet Corporation for Assigned Names and Numbers  submitted its transition plan to the U.S. government for review. ICANN’s action was the culmination of a two-year process by the international Internet community. ICANN Board Chairman Stephen Crocker called it “an historic moment in the history of the Internet.” The plan details the transition of the Internet Assigned Numbers Authority, which is critical to the Internet’s smooth operation, from the U.S. to an independent organization. The transition is the final step in the long-in-the-works privatization of the Internet’s Domain Name System, first outlined when ICANN was incorporated in 1998. The plan was submitted to the U.S. National Telecommunication and Information Administration. If approved, implementation of the plan is expected to be completed before the contract between NTIA and ICANN expires on Sept. 30. Consumers and businesses that use the Internet won’t see any changes, said Jonathan Robinson, a domain names community representative with ICANN’s Generic Names Supporting Organization. “The average Internet user can trust that the Internet that they’ve come to know and love and use and depend on will continue to function and operate in ways that they have come to rely on,” Robinson said during a webcast ICANN press conference from Marrakech, Morocco. Protections have been put in place to ensure that no government or entity has undue influence over ICANN, Crocker said. “People around the world, particularly in the developing countries, can depend upon the Internet to be a stable system that is unified around the world and is not taken over by one government or one collection of people or one industry,” he said.

Who Are The Lions In Retailing Kingdom? They Specialize Like Crazy

Defensive sectors are still outperforming the general market. However, strength among some retail groups indicates that U.S. consumer spending is still strong overall. In the U.S., the retail and consumer sectors are like the Grand Canyon. Incredibly vast. Yet companies doing well both in the field and in the stock market are often excelling in a super-specific niche. In Wednesday’s IBD, this column noted a strong rebound in the shares of Urban Outfitters ( URBN ), which reported its third quarter in a row of earnings growth. The Street expected a profit drop. The stock gapped up 16% on Tuesday and reclaimed its key 200-day moving average. Yet Urban Outfitters’ stock is still on the mend. In its apparel retail industry group, which ranked No. 25 as of Thursday’s IBD, you’ll find five stocks with a Composite Rating of 90 or higher. They include Ross Stores ( ROST ), a current member of IBD Leaderboard ; TJX Cos. ( TJX ), operator of the T.J. Maxx, Marshalls and Home Goods chains; Express ( EXPR ); and former big winner and yogawear giant Lululemon ( LULU ). Express debuted on the NYSE in May 2010. Its stores target fashion-focused young men and women via mall and urban street-corner locations. While sales in the January-ended fiscal fourth quarter rose a modest 5%, it marked the fifth straight quarter of top-line growth. Plus, Q4 same-store sales increased 4%, a good sign amid an economy that is generally seeing less traffic at the mall and more shopping online. Express’ e-commerce sales rose 8%. Q4 earnings jumped 37%, helped in part by the fact that in the year-earlier quarter earnings had dropped 14%. The company is succeeding in boosting gross merchandise margins, which helped boost overall gross margin in Q4 to 34% vs. 31.7% a year earlier. Express’ SMR Rating of C needs further improvement, but it masks a healthy ROE of 19.8% last year. The stock is trading close to its 52-week high of 20.72 and has formed a lopsided double-bottom base with a 20.01 entry. However, much of the base’s right side is in the lower half of the base, a flaw. In the tiny five-member discount and variety retail group, Five Below ( FIVE ) (98 Composite Rating) and Ollie’s Bargain Outlet ( OLLI ) (97 Composite) show excellent IBD ratings. The former has carved out a spot in the IBD 50, ranking 30th as of Thursday’s list (which is updated every day at IBD Leaderboard ). Five Below sells merchandise popular among teenagers and kids for $5 or less. It’s a concept that has worked well not only in the U.S., but also in Japan, where the 300-yen and 500-yen shops (or roughly $3 and $5) flourished in the 2000s. Philadelphia-based Five Below’s annual sales have been impressive, rising 27% to 51% each year since fiscal 2009. It’s entered new markets in the Midwest and South, including its first store in Miami, opened on March 4. Ollie’s provides a warehouse-like environment within its 203 stores across the East Coast. Its strategy to provide great finds for shoppers is working. Sales have grown on average 18% over the past seven quarters; EPS has risen 56% over the same time frame. The July 2015 IPO is up year-to-date but is struggling to surpass the 22 level.