U.S. Markets

Drugmaker Mallinckrodt's shares fall 12% after unfavorable patent ruling

(Reuters) - Shares of Mallinckrodt Plc MNK.N fell 12% on Tuesday after a U.S. Court of Appeals upheld a federal district court's decision to reject the drugmaker's patent infringement lawsuit against Praxair Inc's nitric oxide drug product delivery system.

In 2017, a federal judge in Delaware invalidated Mallinckrodt’s patents for the respiratory treatment system, Inomax, saying Praxair did not infringe the patents.

Mallinckrodt said on Tuesday it was “disappointed” by the decision, and would consider all available legal options.

The company’s shares were down nearly 12% at $3.74.

Reporting by Manojna Maddipatla in Bengaluru; Editing by Maju Samuel