Sun Pharma scales record high after settling patent litigation in US

Sun Pharmaceutical Industries gained 3.59% to Rs 1,117.30 at 10:41 IST on BSE after the company settled its litigation with The Medicines Company USA relating to US patents covering Angiomax.

The announcement was made after market hours on Wednesday, 1 April 2015. Stock market had remained closed on Thursday, 2 April 2015, on account of Mahavir Jayanti. The stock market remained closed again on Friday, 3 April 2015, on account of Good Friday.

Meanwhile, the BSE Sensex was up 20.84 points, or 0.07%, to 28,280.98

On BSE, so far 91,373 shares were traded in the counter, compared with an average volume of 2.21 lakh shares in the past one quarter.

The stock scaled a record high of Rs 1,118.90 in intraday trade today, 6 April 2015. The stock hit a low of Rs 1,096.50 so far during the day. The stock hit a 52-week low of Rs 570.35 on 2 April 2014.

The large-cap pharma firm has an equity capital of Rs 207.12 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries said that the company and certain of the company's subsidiaries have executed a settlement agreement with 'The Medicines Company USA' settling the lawsuit filed against the company and the company's subsidiaries regarding submission of abbreviated new drug application (ANDA) by one of the company's subsidiaries, for a generic version of Angiomax, Bivalirudin injection. This product is a direct thrombin inhibitor indicated for use as an anticoagulant. Under the terms of the settlement agreement, the company's subsidiary is entitled to launch its version of Angiomax in the United States on 30 June 2019, or earlier in certain limited circumstances. The agreement is subject to customary regulatory review, Sun Pharmaceutical Industries said.

Meanwhile, trading in shares of Ranbaxy Laboratories was suspended from today, 6 April 2015 as the swap ratio of Ranbaxy Laboratories and Sun Pharmaceutical Industries became effective after Sun Pharmaceutical Industries completed the merger of Ranbaxy Laboratories with itself.

Sun Pharmaceutical Industries has set 7 April 2015 as the record date in order to determine the names of the shareholders of Ranbaxy Laboratories who would be entitled to receive 8 shares of Re 1 each of the company for every 10 equity shares of Rs 5 each of Ranbaxy Laboratories. In April 2014, Sun Pharmaceutical Industries had acquired Ranbaxy Laboratories in $4 billion landmark transaction.

Sun Pharmaceutical Industries' consolidated net profit fell 6.9% to Rs 1425.07 crore on 1.9% decline in total income to Rs 4361.85 crore in Q3 December 2014 over Q3 December 2013.

Sun Pharmaceutical Industries is an international specialty pharmaceutical company.

Powered by Capital Market - Live News