Rigel climbs on blood disorder drug patent settlement

Shares of drugmaker Rigel Pharmaceuticals RIGL.O rise ~3% to $19.54

RIGL says it has settled patent litigation with Annora Pharma regarding co's blood disorder drug, Tavalisse, to treat patients with immune thrombocytopenia (ITP) who haven't responded adequately to prior treatments

Lawsuit began when Annora submitted an application to the FDA to market a generic version of Tavalisse

ITP is a condition where the immune system mistakenly attacks and destroys platelets, leading to a low platelet count and increased risk of bleeding

Under the settlement, Annora will be allowed to sell its generic version starting in Q2 2032 or earlier under certain circumstances

Annora did not immediately respond to Reuters' request for comment

RIGL gained 33.6% in the last 12 months