Judge Extends Order on Ivax’s Generic Taxol Bid

A federal judge in Los Angeles extended to Sept. 6 an order that effectively bars Ivax Corp. from winning regulatory approval for a generic version of Bristol-Myers Squibb Co.’s top-selling Taxol cancer drug. At the same time, U.S. District Judge William Matthew Byrne Jr. said he will consider Ivax’s bid to challenge a settlement, struck by Bristol-Myers and Santa Monica-based American BioScience Inc., that could delay generic Taxol for as long as 30 months. Ivax lost nearly a third of its value Tuesday after it said Bristol-Myers had listed an American BioScience patent with the Food and Drug Administration. The listing, which Byrne previously ordered on a temporary basis, bars the FDA from letting Ivax market the generic drug. Bristol-Myers’ Taxol could have 2001 sales of $2 billion, according to analysts. Although Bristol-Myers would benefit from a delay in generic Taxol, it didn’t list the patent with the FDA until after it was sued by American BioScience. The two companies said in court that they had settled their differences and agreed to list the patent with the FDA. Ivax is seeking to intervene in the case and block the settlement from taking effect, arguing that the two companies both stand to benefit from the delay. American BioScience declined to provide further details. On the American Stock Exchange, Ivax fell 13 cents to close at $29.75, and Bristol-Myers rose $2.69 to close at $53.69 on the New York Stock Exchange.