---
title: "TAHO Doubles in Two Weeks, but a Court Holds Its US Clock"
url: https://drugnews.com.tw/articles/2026-11-05-taho-beqia-eliquis-patent-suit-30-month-clock-en.html
date: 2026-11-05
lang: en
category: "商業分析系列"
tags: ["泰合","BEQIA","Eliquis","505(b)(2)","專利訴訟"]
summary: "TAHO (6467) closed at NT$246 on Nov 3, 2026, up 133% from its NT$105.6 IPO price on Japanese royalty news. A BMS-Pfizer patent suit in Delaware can stay final FDA approval of BEQIA for up to 30 months, Medicare's negotiated Eliquis price already fell 56% in 2026, and settled generics enter from April 1, 2028: BEQIA's US value depends on when, and at what price, it can launch."
json: https://drugnews.com.tw/articles/2026-11-05-taho-beqia-eliquis-patent-suit-30-month-clock-en.json
publisher: Drugnews｜藥時事 (https://drugnews.com.tw/)
---
## 三句看懂

- TAHO (TWSE: 6467) closed at NT$246 on November 3, 2026, up 133% from its October 20, 2026 offering price of NT$105.6.
- BMS and Pfizer sued TAHO over BEQIA in the US District Court for Delaware in October 2026; under Hatch-Waxman, final FDA approval can be stayed for up to 30 months, to around spring 2029.
- Medicare's negotiated 30-day price for Eliquis is US$231, 56% below the 2023 list price of US$521, effective January 1, 2026; settled generic apixaban can launch from April 1, 2028.

## 關鍵數字（附來源）

| 項目 | 數值 | 日期 | 來源 |
|---|---|---|---|
| TAHO (6467) closed at NT$246 on 2026-11-03. |  | 2026-11-03 | https://www.twse.com.tw/rwd/zh/afterTrading/MI_INDEX?date=20261103&type=ALLBUT0999&response=json |
| TAHO listed on 2026-10-20 at an offering price of NT$105.6. |  | 2026-10-20 | https://money.udn.com/money/story/5607/9827028 |
| TAHO's pre-listing auction weighted average price was NT$177.88. |  | 2026-10-16 | https://drugnews.com.tw/filings/6467.html |
| Miyarisan filed a Japanese NDA for a TAH4411 pediatric acute gastroenteritis vomiting indication on 2026-10-30. |  | 2026-10-30 | https://drugnews.com.tw/filings/6467.html |
| BMS and Pfizer sued TAHO over BEQIA in the US District Court for Delaware, case 1:26-cv-01374. |  | 2026-10-29 | https://drugnews.com.tw/filings/6467.html |
| TAHO received the BEQIA patent complaint on 2026-10-23 US time. |  | 2026-10-27 | https://uanalyze.com.tw/articles/3641057737 |
| BEQIA's US NDA goal date is 2027-04-22. |  | 2026-09-07 | https://www.tahopharma.com/news-detail/132/ |
| BMS reported 2025 Eliquis revenue of US$14.4 billion worldwide (+8%) and US$10.2 billion in the US. |  | 2026-02-05 | https://www.sec.gov/Archives/edgar/data/14272/000001427226000002/a2025q4ex991.htm |
| The FDA's 2016 final rule confirms the 30-month stay applies to 505(b)(2) applications. |  | 2016-10-06 | https://www.govinfo.gov/content/pkg/FR-2016-10-06/html/2016-22690.htm |
| The Delaware court upheld the Eliquis compound and formulation patents in August 2020. |  | 2020-08-05 | https://www.biopharmadive.com/news/bristol-myers-pfizer-eliquis-patent-court-ruling/583027/ |
| Non-settling generics Sigmapharm, Sunshine Lake and Unichem were blocked until 2031. |  | 2020-08-05 | https://www.biopharmadive.com/news/bristol-myers-pfizer-eliquis-patent-court-ruling/583027/ |
| The Federal Circuit affirmed the Eliquis patent ruling on 2021-09-03. |  | 2021-09-03 | https://www.cafc.uscourts.gov/opinions-orders/20-2229.opinion.9-3-2021_1829263.pdf |
| Settled generic apixaban can launch in the US from 2028-04-01. |  | 2021-09-03 | https://news.bms.com/news/details/2021/The-Bristol-Myers-Squibb-Pfizer-Alliance-is-pleased-with-the-decision-by-the-U.S.-Court-of-Appeals-for-the-Federal-Circuit-upholding-the-Eliquis-Patents/default.aspx |
| Medicare's negotiated 30-day Eliquis price is US$231, 56% below the US$521 2023 list price, effective 2026-01-01. |  | 2024-08-15 | https://www.cms.gov/newsroom/fact-sheets/medicare-drug-price-negotiation-program-negotiated-prices-initial-price-applicability-year-2026 |
| FDA's 2019 analysis found prices about 79% below brand with four generic competitors and more than 95% lower with six or more. |  | 2019-12-01 | https://www.fda.gov/media/133509/download |

<!-- Drugnews EN｜title: TAHO Doubles in Two Weeks, but a Court Holds Its US Clock｜genre: F｜event_date: 2026-11-03｜tw_stocks: TAHO 6467 -->

# TAHO Doubles in Two Weeks, but a Court Holds Its US Clock

On November 3, Taiwan's TAHO Pharmaceuticals (TWSE: 6467) hit its daily limit again and closed at NT$246. Since listing on October 20 at NT$105.6, the stock has gained 133% in under two weeks.

The spark was good news from Japan. Over the same stretch, a bigger story failed to slow the rally: Pfizer and Bristol Myers Squibb (BMS) sued TAHO for patent infringement in the US District Court for Delaware over BEQIA, its apixaban oral film.

The drug they are defending is Eliquis. BMS booked US$10.2 billion of Eliquis revenue in the United States alone in 2025.

TAHO's filing calls the suit a "routine" step for 505(b)(2) products and says it has no material impact on operations so far. The market read it the same way: the FDA has set an April 22, 2027 goal date, so BEQIA looks about a year and a half from the US.

The clock that decides when BEQIA can actually be sold in the US now sits in a Delaware courtroom. That clock can run up to 30 months, and it runs straight into the wave of generic apixaban due in April 2028.

## 01｜Two limit-ups, bought on Japanese royalties

On the afternoon of October 30, TAHO announced that its Japanese partner Miyarisan had completed a Phase 3 trial of TAH4411, an ondansetron anti-nausea oral film, and filed for a new pediatric indication: vomiting caused by acute gastroenteritis.

TAH4411 is already sold in Japan for chemotherapy-induced nausea and vomiting. Miyarisan pays for the new indication; TAHO collects royalties that depend on actual sales.

It is upside at almost no cost. Over the next two sessions, the stock went from NT$204 on October 30 to NT$246 on two straight limit-ups.

Three prices put the rally in context:

1. Retail investors who won the public offering at NT$105.6 are up 133%.
2. Institutions and large investors in the IPO auction paid a weighted average of NT$177.88; they are up 38%.
3. With paid-in capital of about NT$599 million, or 59.91 million shares, NT$246 implies a market value of roughly NT$14.7 billion.

![Three yardsticks for TAHO's share price: NT$105.6 offering price, NT$177.88 auction average, NT$246 close on November 3](https://drugnews.com.tw/assets/articles/taho-beqia-eliquis-patent-suit-30-month-clock-en/fig4_price_anchor_en.png)

The auction price says professional buyers were already valuing TAHO near NT$180. The rest of the move is the Japan news plus new-listing momentum.

Royalties also run on a delay. The headline was priced in on the day it hit; the cash arrives only as the product sells and the contract settles.

Japan adds to the story. The US lawsuit sets the ceiling.

## 02｜Why a thin film drew Pfizer and BMS into court

Eliquis is apixaban, an oral anticoagulant that blocks clotting factor Xa so clots form less easily. Patients with atrial fibrillation take it to prevent stroke; patients with deep vein thrombosis take it to stop clots from returning.

![Where apixaban acts in the clotting cascade, and what BEQIA changes](https://drugnews.com.tw/assets/articles/taho-beqia-eliquis-patent-suit-30-month-clock-en/fig1_mechanism_en.png)

BEQIA uses the same ingredient in a film that dissolves on the tongue. TAHO's chairman says it can be taken without water and suits patients on long-term anticoagulation.

Many of those patients are older adults and stroke survivors who struggle to swallow. For them, a daily tablet is a risk in itself: a caregiver crushes it, watches it go down, and a missed day lets the clot risk back in.

TAHO chose the US 505(b)(2) pathway, which relies on the originator's safety and efficacy data and bridges the new form to the tablet with its own studies. BEQIA completed its pivotal bioequivalence study and its NDA was resubmitted on June 19, 2026.

The shortcut has a price. A filer that relies on the originator's data must address every patent listed for that drug in the FDA Orange Book: wait for it to expire, or certify that it is invalid or not infringed.

Choose the second route and the patent holder has 45 days after notice to sue. TAHO says it received the complaint on October 23, US time, consistent with that mechanism.

Eliquis brought in US$14.4 billion worldwide in 2025, up 8%, making it BMS's largest product. Any version that could take prescriptions before 2028 gets sued first.

## 03｜The last wave of challengers ended up with a date

BMS and Pfizer have defended this wall before.

From 2017, a line of generic makers challenged the Eliquis patents. In August 2020, the Delaware court upheld both the compound and formulation patents. In September 2021, the US Court of Appeals for the Federal Circuit affirmed; Sigmapharm, Sunshine Lake and Unichem were among the defendants.

The companies that fought to the end paid for it. After the district court ruling, the non-settling generics were blocked until 2031.

Another group settled and got an entry ticket for April 1, 2028. Same fight, three years earlier, for the companies that sat down at the table first.

| Path | Outcome | What it bought |
| --- | --- | --- |
| Litigate to the end | Lost in 2020 and on appeal in 2021 | Blocked until 2031 |
| Settle | Agreed launch date with the originator | Entry from April 1, 2028 |
| BEQIA | Sued in October 2026 | Set by this case's ruling or a deal |

The history does not give TAHO odds. It gives a map: on the Eliquis battlefield, the court ruling is rarely the end point. The date is.

## 04｜30 months: the second clock behind the FDA goal date

The Hatch-Waxman framework gives originators a powerful tool. If a generic or 505(b)(2) applicant challenges a patent and the originator sues within 45 days, final FDA approval is automatically stayed for up to 30 months from the date the originator received notice.

The FDA's 2016 final rule confirms the stay applies to 505(b)(2) applications as well.

The stay starts when the originator receives TAHO's patent notice, not when TAHO receives the complaint. Working back from the 45-day window, the notice arrived no earlier than early September; add 30 months and the stay runs to around spring 2029.

Line up the dates and BEQIA has two US clocks:

![BEQIA's two clocks: FDA review and patent clearance, two gates before a US launch](https://drugnews.com.tw/assets/articles/taho-beqia-eliquis-patent-suit-30-month-clock-en/fig2_timeline_en.png)

The FDA clock stops on April 22, 2027. Even if review goes smoothly, a 30-month stay would mean the most the FDA can grant that day is tentative approval: the product is accepted, but it cannot be sold yet.

The court clock runs to around spring 2029. Unless a court rules for TAHO sooner, the parties settle, or the relevant patents expire first, BEQIA's real US launch moves later.

That raises a second problem. From April 1, 2028, settled generic apixaban can enter the US market.

If BEQIA arrives a year after that, its competitor is no longer one branded drug but a row of cheap generic tablets.

## 05｜The price yardstick was already cut in 2026

What BEQIA can charge in the US depends on what it is compared with. That yardstick got shorter this year.

The biggest US buyer of anticoagulants is Medicare, which covers people 65 and older. Eliquis was one of the first 10 drugs in Medicare price negotiation. CMS announced in August 2024 that the 30-day list price of US$521 would fall to a negotiated US$231, a 56% cut, effective January 1, 2026.

Before BEQIA has launched, the tablet it competes with has already been priced at less than half for its largest payer.

The second cut comes in 2028. An FDA analysis published in 2019 found that with four generic competitors, average manufacturer prices ran about 79% below the brand price before generic entry; with six or more, the drop exceeded 95%. A drug the size of Eliquis will not draw just one or two generics.

![Before and after April 2028: BEQIA's US competitor changes](https://drugnews.com.tw/assets/articles/taho-beqia-eliquis-patent-suit-30-month-clock-en/fig3_price_frame_en.png)

A simple calculation shows the weight of time. Eliquis sells US$10.2 billion a year in the US. If BEQIA won the equivalent of 1% of those prescriptions at brand pricing, that would be roughly US$100 million a year in product sales.

The same 1% sold against generic pricing could be worth only US$20 million to US$30 million. Launching early or late is not just a matter of months; it changes the price of every prescription that follows.

That is the real test for the film: how much more will payers spend on "no water, easy to swallow"? Whether dysphagia patients, long-term care and stroke survivors can carry a price of their own matters more to BEQIA's US ceiling than the April 2027 date.

And that US$100 million is product sales, not TAHO revenue. TAHO plans to sell through a US partner, so its income depends on the deal terms: upfront, milestones and royalties.

## 06｜Taiwanese drugmakers have fought this before, and it usually ends with a date

TAHO is on familiar ground. Economic Daily News reports that Taiwan's Orient Pharma, TWi Pharmaceuticals, Mycenax and EirGenix have all had patent disputes with multinational drugmakers, and earlier cases involving Orient Pharma and others ended in settlement or withdrawal.

Settlement is common in US patent litigation and usually yields an agreed launch date. Eliquis itself is the example: the 2028 entry ticket was negotiated, not won in court.

TAHO has left a door open. The company says it is open to reasonable solutions that help the product enter the US market.

TAHO's licensing plan adds a more interesting thread. It says BEQIA's US and European licensing will run on two tracks: with the originator and with other partners.

The companies across the courtroom today could be the buyers across the table tomorrow. For an originator facing generics after 2028, owning an elderly-friendly dosage form is also a way to defend.

For TAHO, the date itself is a deal term. A firm launch date lets a partner plan distribution, inventory and a sales team; an FDA goal date without patent clearance leaves a gap in the negotiation.

Before then, BEQIA's near-term test is in Europe. TAHO expects EU approval in Q4 2026 and plans to launch in Europe, Australia and New Zealand in 2027, then turn to the US.

## 07｜Two clocks, one share price

Investors who doubled their money in two weeks were buying Japanese royalties and an FDA goal date.

BEQIA's US story has shifted from an FDA calendar to a negotiation with two pharma giants, priced against a yardstick Medicare has already cut.

The next date that changes the conclusion is the EU approval announcement. After that, it is the trial schedule set by the Delaware court, or the date written into a settlement.

This article is industry and company analysis and does not constitute investment or medical advice.

## References

1. TAHO announces Miyarisan filed Japanese NDA for TAH4411 pediatric indication｜TWSE Market Observation Post System (6467)｜2026-10-30｜https://drugnews.com.tw/filings/6467.html
2. TAHO correction notice: case number for BEQIA (TAH3311) US patent suit｜TWSE Market Observation Post System (6467)｜2026-10-29｜https://drugnews.com.tw/filings/6467.html
3. TAHO pre-listing capital increase fully paid (auction weighted average NT$177.88)｜TWSE Market Observation Post System (6467)｜2026-10-16｜https://drugnews.com.tw/filings/6467.html
4. TAHO announces FDA goal date for its anticoagulant oral film NDA｜TAHO Pharmaceuticals｜2026-09-07｜https://www.tahopharma.com/news-detail/132/
5. TAHO rises 89% on first trading day｜Economic Daily News｜2026-10-20｜https://money.udn.com/money/story/5607/9827028
6. TAHO anticoagulant oral film sued by US drugmakers｜UAnalyze (via Cnyes)｜2026-10-27｜https://uanalyze.com.tw/articles/3641057737
7. TAHO doubles on debut｜UAnalyze (via Cnyes)｜2026-10-20｜https://uanalyze.com.tw/articles/6979657412
8. Pharma associations push to shorten generic launch timelines｜Economic Daily News｜2026-10-26｜https://money.udn.com/money/story/5607/9838113
9. Bristol Myers Squibb Reports Fourth Quarter and Full-Year 2025 Financial Results｜US SEC Form 8-K Exhibit 99.1｜2026-02-05｜https://www.sec.gov/Archives/edgar/data/14272/000001427226000002/a2025q4ex991.htm
10. Bristol Myers, Pfizer win Eliquis patent case, delaying generics｜BioPharma Dive｜2020-08-05｜https://www.biopharmadive.com/news/bristol-myers-pfizer-eliquis-patent-court-ruling/583027/
11. The Bristol Myers Squibb-Pfizer Alliance is pleased with the decision by the U.S. Court of Appeals for the Federal Circuit upholding the Eliquis Patents｜BMS press release｜2021-09-03｜https://news.bms.com/news/details/2021/The-Bristol-Myers-Squibb-Pfizer-Alliance-is-pleased-with-the-decision-by-the-U.S.-Court-of-Appeals-for-the-Federal-Circuit-upholding-the-Eliquis-Patents/default.aspx
12. Bristol-Myers Squibb Co. v. Sigmapharm Laboratories, LLC, No. 2020-2229｜US Court of Appeals for the Federal Circuit｜2021-09-03｜https://www.cafc.uscourts.gov/opinions-orders/20-2229.opinion.9-3-2021_1829263.pdf
13. Abbreviated New Drug Applications and 505(b)(2) Applications, Final Rule｜Federal Register Vol. 81 No. 194｜2016-10-06｜https://www.govinfo.gov/content/pkg/FR-2016-10-06/html/2016-22690.htm
14. Medicare Drug Price Negotiation Program: Negotiated Prices for Initial Price Applicability Year 2026｜CMS｜2024-08-15｜https://www.cms.gov/newsroom/fact-sheets/medicare-drug-price-negotiation-program-negotiated-prices-initial-price-applicability-year-2026
15. Generic Competition and Drug Prices: New Evidence Linking Greater Generic Competition and Lower Generic Drug Prices｜FDA｜2019-12-01｜https://www.fda.gov/media/133509/download
16. TWSE daily closing quotes and stock trading data (6467, 2026-10-20 to 11-03)｜Taiwan Stock Exchange｜2026-11-03｜https://www.twse.com.tw/rwd/zh/afterTrading/MI_INDEX?date=20261103&type=ALLBUT0999&response=json