Piramal Healthcare gains on patent litigation settlement

Piramal Healthcare is trading higher by 1.7%, or Rs 5, at Rs 366 after the company announced settlement of patent litigation with Baxter Healthcare related to generic version of Suprane (Desflurane).

"Under the settlement, Piramal has obtained a licence to the Baxter patent at issue in the lawsuit pursuant to which the parties agree that Piramal may launch generic Desflurane product in the USA not before than January 2014 subject to US regulatory approval," the company said in a press release.

"The company has agreed not to make, use, sell or offer for sale in the United States, or import into the United States, this product prior to January 2014," the release added.

The stock opened at Rs 360 and touched the high of Rs 370. As many as 4,083 shares have changed hands compared to its two week average of 8,594.