Sun Pharma gains after settling patent litigation with Acorda Therapeutics

Sun Pharmaceutical Industries rose 0.93% to Rs 897.10 at 09:51 IST on BSE after the company along with its subsidiary entered into a settlement agreement with Acorda Therapeutics. Inc to resolve the pending patent litigation involving Ampyra

The announcement was made after market hours on Wednesday, 21 October 2015.

Meanwhile, the BSE Sensex was up 236.59 points, or 0.87%, to 27,524.25

On BSE, so far 22,735 shares were traded in the counter, compared with an average volume of 3.49 lakh shares in the past one quarter.

The stock hit a high of Rs 904 and a low of Rs 895.30 so far during the day. The stock hit a record high of Rs 1,200.70 on 7 April 2015. The stock hit a 52-week low of Rs 792.15 on 21 October 2014.

The large-cap company has an equity capital of Rs 240.65 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries (Sun Pharma) said that the company along with its subsidiary has entered into a settlement agreement with Acorda Therapeutics. Inc. to resolve the pending patent litigation involving Ampyra (dalfampridine) extended-release tablets in the United States. The pending patent litigation was filed by Acorda Therapeutics in the US District Court for the District of Delaware in response to Sun Pharma's submission of an abbreviated new drug application (ANDA) to the US Food and Drug Administration (FDA), seeking marketing approval for a generic version of Ampyra. As a result of the settlement agreement, Sun Pharma will be permitted to market a generic version of Ampyra in the United States at a specified date in 2027, or potentially earlier under certain circumstances, the company said. Details of the settlement are confidential, and the parties will submit the agreement to the Federal Trade Commission and the Department of Justice, as required by federal law, Sun Pharma said. As per IMS MAT July 2015 data, Ampyra recorded annual sales of approximately $325 million in the US.

Sun Pharmaceutical Industries' consolidated net profit dropped 60.2% to Rs 478.96 crore on 3.3% growth in net sales to Rs 6522.16 crore in Q1 June 2015 over Q1 June 2014.

Sun Pharmaceutical Industries manufactures specialty and generic medicines, targeting a wide spectrum of chronic and acute treatments. The therapeutic segments include psychiatry, anti-infectives, neurology, cardiology, orthopaedic, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynaecology, respiratory, oncology, dental and nutritionals.

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