Ruling Deals Blow to Professional Detailing
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Professional Detailing Inc., which markets drugs for pharmaceutical firms, said it would evaluate its options after a federal appeals court reversed a lower court order preventing generic competition for an antibiotic the company markets.
Monday, a U.S. Appeals court in Washington overturned a U.S. District court order that prevented Indian drug maker Ranbaxy Laboratories from selling a generic version of the GlaxoSmithKline antibiotic Ceftin.
Professional Detailing helps London-based GlaxoSmithKline market Ceftin, which had about $330 million in U.S. sales in 2000.
Analysts saw the decision as yet another blow for Professional Detailing, which is trying to rebound from slipping profit, uncertainty about a marketing pact with German drug maker Bayer and a terminated agreement with Pfizer Inc.
Trading of Professional Detailing shares was halted all day. The stock closed Monday at $38.14 on Nasdaq.
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