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Moody's deems court ruling on Restasis credit negative for Allergan

Moody's said the Texas district court ruling to invalidate Allergan plc's patents on its dry eye drug Restasis is credit negative for the company.

The U.S. District Court for the Eastern District of Texas ruled that four U.S. patents protecting Restasis until 2024 were invalid. The ruling could allow the companies to market a generic version of the drug, Reuters reported.

Moody's added that there was no impact on the Baa3 ratings on rated subsidiaries including Allergan Inc. and Allergan Funding SCS, or on the stable rating outlook.