Glenmark Pharma gains on settling U.S. antitrust lawsuits for $7 million

Glenmark Pharmaceuticals rose 2.71% to Rs 1335.50 after the company reached a settlement agreement with three plaintiffs, Humana Inc., Centene Corporation, and Kaiser Foundation Health Plan, Inc., for a total of $7 million.

These lawsuits were related to allegations of anticompetitive agreements concerning generic Zetia, a cholesterol-lowering drug, and Vytorin, a combination drug.

The lawsuits, consolidated in the Eastern District of Virginia, U.S., alleged that Glenmark entered an anticompetitive settlement in 2010 with Schering Corporation and MSP Singapore Company LLC related to a patent for ezetimibe, the active ingredient in Zetia. Glenmark, along with Merck & Co., Inc., was a defendant in the antitrust and consumer protection litigation.

While Glenmark had previously settled with other plaintiff groups in 2023, these three plaintiffs (Humana, Centene and Kaiser) had opted out. To resolve the ongoing dispute and avoid uncertainty, Glenmark agreed to the $7 million settlement. The company explicitly stated that this settlement is not an admission of liability or wrongdoing and that it continues to deny all allegations.

Glenmark Pharmaceuticals is a global innovation-driven pharmaceutical company with presence across specialty, generics and OTC businesses. The company has 11 world-class manufacturing facilities spread across 4 continents, and operations in over 80 countries.

On a consolidated basis, the company reported net profit of Rs 348 crore in Q3 FY25 compared with net loss of Rs 449.6 crore in Q3 FY24. Revenue from operations surged 35.1% YoY to Rs 3,387.6 crore in the quarter ended 31 December 2024.

Powered by Capital Market - Live News