BizNomic

The shares of Myriad Genetics Inc. fell by as much as 7 percent, after the federal court, overturned a group of patents on gene sequences linked to breast and ovarian cancer, which Myriad uses in tests for those diseases. Shares of the company were down 6 percent at $23.53 in morning trade on Nasdaq. They earlier touched a low of $23.07.

Judge Robert Sweet in the Southern District of New York has invalidated some of Myriad’s patents. He says the BRCA genes are “products of nature” so the company cannot have patents on them.

In a statement on Tuesday the company said, “Myriad will appeal the decision to the court of appeals for the Federal Circuit and will continue to vigorously defend this litigation.” The company believes that the final outcome of the litigation will not have a material impact on its operations due to the protection over its remaining patents.

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