Sun Pharma dips after $550 million patent suit settlement with Pfizer
Sun Pharma will pay a lump-sum of around Rs 3,100 crore ($550 million) to settle litigation over sale of the generic pantoprazole drug in the US.
Sun Pharmaceutical Industries has dipped almost 7% to Rs 916 on BSE, after the company said it will pay a lump-sum of around Rs 3,100 crore ($550 million) to settle litigation over sale of the generic pantoprazole drug in the US.
“Under the terms of the litigation settlement between Sun Pharma and Wyeth (now a division of Pfizer Inc.) and Altana Pharma AG (now known as Takeda GmbH), the parties have dismissed all their claims and Sun Pharma will pay a lump-sum of $550 million (around Rs.3,100 crore) as part of the settlement,” Sun Pharma said in a statement.
The stock opened at Rs 934 and has seen a combined 1.5 million shares changing hands on the counter on BSE and NSE.
“Under the terms of the litigation settlement between Sun Pharma and Wyeth (now a division of Pfizer Inc.) and Altana Pharma AG (now known as Takeda GmbH), the parties have dismissed all their claims and Sun Pharma will pay a lump-sum of $550 million (around Rs.3,100 crore) as part of the settlement,” Sun Pharma said in a statement.
The stock opened at Rs 934 and has seen a combined 1.5 million shares changing hands on the counter on BSE and NSE.