Shares of Sun Pharma climbed as much as 2.41 per cent in the morning trade on Thursday after DUSA Pharmaceuticals, an arm of of the Mumbai-based pharma major, received relief from a US court in a patent infringement case.
Massachusetts-based DUSA has been granted preliminary injunctive relief by a federal district court prohibiting defendants Biofrontera Inc, Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AGf from using its confidential and proprietary trade secret information, the company said in a regulatory filing.
Earlier this year, DUSA, which is wholly-owned by Sun Pharma, filed a lawsuit against the Biofrontera defendants in the US District Court for the District of Massachusetts. The lawsuit alleged trade secret misappropriation and patent infringement of DUSA's photodynamic therapy patents covering its product, said a PTI report.
On a year-to-date (YTD) basis, Sun Pharma stock has underperformed the Nifty Pharma index by declining around 28 per cent. The Nifty Pharma index has slipped 10 per cent during the same window. In comparison, the benchmark Nifty50 index has risen nearly 3 per cent.
At 10:26 am, shares of the company were trading at Rs 418 apiece on BSE, up 1 per cent.