As previously reported, Needham analyst Serge Belanger downgraded Heron Therapeutics to Hold from Buy with no price target after a judge in the U.S. District Court of Delaware issued a decision invalidating claims of two Cinvanti patents. The decision clears a path for FDA to grant final approval to the generic product that was already tentatively approved and a commercial launch by Azurity and partner Sandoz, says the analyst. The \"unexpected\" legal decision has a significant impact given that Cinvanti is the largest revenue contributor, representing about 60% of sales, and the lack of other product opportunities to make up for the expected sales shortfall, the analyst says.
