 "Sun Pharma hits new high")
Shares of Sun Pharmaceutical Industries were trading higher by 3% at Rs 1,115 on the National Stock Exchange (NSE) in early morning trade after the company completed the merger of Ranbaxy Laboratories with itself.
Meanwhile, trading in shares of Ranbaxy Laboratories has been suspended from today as the swap ratio of Ranbaxy and Sun Pharma will come into force.
Sun Pharma has fixed April 07, 2015 as the record date in order to determine the names of the shareholders of erstwhile Ranbaxy who would be entitled to receive 8 ( eight) equity shares of Re 1 each of the company for every 10 (ten) equity shares of Rs 5 each of erstwhile Ranbaxy held.
Meanwhile, Sun Pharma said it has settled its litigation with US-based Medicines Co. (MDCO) relating to MDCO's US patents covering Angiomax (bivalirudin). The patents will expire on July 27, 2028.
As a result of the settlement, MDCO will permit a Sun Pharma subsidiary to market a generic bivalirudin product in the United States on June 30, 2019, or earlier in certain limited circumstances. This settlement validates MDCO's patents while allowing a Sun Pharma subsidiary to enter the market with its generic product, said a statement from MDCO.
Meanwhile, trading in shares of Ranbaxy Laboratories has been suspended from today as the swap ratio of Ranbaxy and Sun Pharma will come into force.
Sun Pharma has fixed April 07, 2015 as the record date in order to determine the names of the shareholders of erstwhile Ranbaxy who would be entitled to receive 8 ( eight) equity shares of Re 1 each of the company for every 10 (ten) equity shares of Rs 5 each of erstwhile Ranbaxy held.
Meanwhile, Sun Pharma said it has settled its litigation with US-based Medicines Co. (MDCO) relating to MDCO's US patents covering Angiomax (bivalirudin). The patents will expire on July 27, 2028.
As a result of the settlement, MDCO will permit a Sun Pharma subsidiary to market a generic bivalirudin product in the United States on June 30, 2019, or earlier in certain limited circumstances. This settlement validates MDCO's patents while allowing a Sun Pharma subsidiary to enter the market with its generic product, said a statement from MDCO.
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