Benzinga | Aug 26, 2021 12:58PM EDT

Gilead Wins Reversal of $1.2B Patent Loss to Bristol-Myers: Bloomberg

* Gilead Sciences Inc (NASDAQ:GILD) persuaded a U.S. appeals court to reverse a $1.2 billion judgment Bristol-Myers Squibb & Co (NYSE:BMY) had won over immuno-oncology treatments.

* The patent owned by Bristol-Myers's Juno Therapeutics and the Sloan Kettering Institute for Cancer Research is invalid, the U.S. Court of Appeals for the Federal Circuit ruled, Bloomberg reported.

* The jury verdict that upheld the patent was "not supported by substantial evidence," the three-judge panel ruled.

* Price Action: GILD shares are up 0.37% at $71.68, and BMY shares are down 0.58% at $67.21 during the market session on the last check Thursday.