SPARC zooms 6% after US-based firm withdraws patent infringement complaint

Sun Pharma Advanced Research Company (SPARC) jumped 5.6 per cent to Rs 162.40 on the BSE on Monday after the company said Abraxis Biosciences LLC has dismissed the patent infringement complaint filed against it regarding the company's New Drug Application (NDA) for PICS (Paclitaxel Injection Concentrate for Suspension). 

“We are very pleased that Abraxis Bioscience LLC. has withdrawn its infringement claims paving the way for a successful launch as and when we receive necessary regulatory approvals,” said Anil Raghavan, chief executive officer (CEO) of SPARC in a statement. READ HERE

SPARC will also inform the USFDA of the dismissal of the complaint to vacate the 30-month stay, the filing added.

In August this year, Abraxis Biosciences LLC had alleged that SPARC’s filing of NDA or Taclantis injection is an act of infringement of the Orange Book listed patents for Abraxane. The complaint was filed in the US District Court for the District of New Jersey.

At 12:03 pm, the stock of the company was trading 3.45 per cent higher at Rs 159 per share, as against a 0.26 per cent rise in the benchmark S&P BSE Sensex. A total of 0.97 million shares have changed hands on the BSE and NSE till the time of writing of this report. Meanwhile, most pharma stocks were trading in the green in the morning trade on Monday. The Nifty Pharma index was trading over half a per cent higher in a flat market. READ MORE

SPARC is engaged in research and experimental development on natural sciences and engineering. The company operates through pharmaceuticals research and development segment.

For the July-September quarter, SPARC reported a net loss of Rs 63.16 crore, relative to a loss of Rs 2.58 crore for the same quarter of the previous fiscal. Total income, too, declined to Rs 19.45 crore during the second quarter as compared with Rs 65.92 crore in the year-ago period.