Halozyme Shares Dip as Wells Fargo Flags Review in Patent Case

Halozyme Therapeutics shares slip as much as 2.9% after Wells Fargo said the Patent Trial and Appeal Board has instituted a patent grant review (PGR) against the company amid an ongoing infringement lawsuit with Merck & Co.

• The institution of the PGR likely reduces the probability of Halozyme prevailing in the patent infringement case, analyst Mohit Bansal writes in a note to clients
  • Halozyme winning the infringement suit is a “bull case” that is often noted as a potential source of upside
  • “Institution of MRK’s PGR lowers the probability of this bull case”
  • Notes HALO has downplayed the significance of ...