Glenmark Pharma declines after losing appeal on Tarka patent

Glenmark Pharmaceuticals has dipped nearly 3% at Rs 562 after the company said it has lost its appeal to invalidate Abbott Laboratories' TARKA (trandolapril/verapamil hydrochloride) patent.

Glenmark Pharmaceuticals in a statement said it has lost its appeal to invalidate Abbott Laboratories' TARKA (trandolapril/verapamil hydrochloride) patent when the Court of Appeals for the Federal Circuit, USA affirmed the district court's decision regarding Glenmark's marketing of a generic equivalent of TARKA.

Glenmark is disappointed with the decision and is considering its options, it added.

The stock opened at Rs 567 and touched a low of Rs 550 on the NSE. A combined 270,600 shares changed hands on the counter on the NSE and BSE so far.