SPARC slides after Abraxis' complaint in the US

The stock slid 2.14% to Rs 150.90 after Abraxis Biosciences LLC filed a complaint against the Indian company in the US District Court (New Jersey).

Sun Pharma Advanced Research Company (SPARC) announced that a complaint has been filed by Abraxis Biosciences LLC in the U.S. District Court for the District of New Jersey, which alleges that SPARC's filing of new drug application (NDA) for Taclantis injection (paclitaxel injection concentrate for suspension) is an act of infringement of the orange book listed patents for Abraxane.

SPARC believes that this lawsuit is without merit and will vigorously defend against these allegations. The announcement was made after trading hours yesterday, 20 August 2019.

Meanwhile, S&P BSE Sensex was up 13.98 points or 0.04% at 37,341.99.

On BSE, 25,000 shares were traded in SPARC counter, compared to a 2-week average of 73,000 shares. The stock hit an intraday high of Rs 152.80 and an intraday low of Rs 149.

It hit a 52-week high of Rs 413.40 on 31 August 2018 and a 52-week low of Rs 107 on 9 July 2019.

Shares of SPARC lost 4.91% in two trading sessions to its current market price of Rs 150.90, from a recent closing high of Rs 158.70 on Monday, 19 August 2019.

SPARC reported a net loss of Rs 94.19 crore in Q1 June 2019 compared with a net loss of Rs 64.48 crore in Q1 June 2018. Its net sales rose 3% to Rs 17.32 crore in Q1 June 2019 over Q1 June 2018.

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

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