Sun Pharma shares surge over 8%; top gainer on Sensex, Nifty

Stocks of Sun Pharmaceutical surged over 8 per cent today after the company entered into a settlement pact with US-based the Medicines Company over a lawsuit filed against it by the latter for a generic drug.
The stock settled the day with a sharp gain of 8.34 per cent at Rs 1,168.50 on the BSE. In intra-day, it rallied 9.4 per cent to Rs 1,180 -- its 52-week high.
At the NSE, the stock ended at Rs 1,169.30, up 8.15 per cent.
The scrip was the top gainer on both Sensex and Nifty blue-chip stocks.
"Sun Pharmaceutical Industries and certain of our subsidiaries have executed a settlement agreement with 'The Medicines Company USA' settling the lawsuit filed against the company and its subsidiaries regarding submission of abbreviated new drug application by one of our subsidiaries, for a generic version of Angiomax, Bivalirudin injection," the company had said in a filing to BSE on Wednesday.

Stock market were closed on Thursday and Friday for holidays.

Under the terms of the agreement, the company's subsidiary is entitled to launch its version of generic Angiomax in the US on June 30, 2019 or earlier under certain limited circumstances, it added.
As per the information available on The Medicines Company website in October 2011, it received a notice from a subsidiary of Sun Pharma notifying it that the subsidiary had submitted an ANDA to the U S Food and Drug Administration for approval to market a generic version of Angiomax.
In November 2011, the company filed a patent infringement lawsuit against Sun, the release had said.