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Sun Pharma, subsidiary enter settlements in Modafinil antitrust litigation

The company, however, did not disclose the details of the settlement, saying the terms are confidential

Press Trust of India  |  New Delhi 

Sun Pharma
FILE PHOTO: A bird flies past the logo of Sun Pharma installed on the facade of its corporate office in Mumbai | Photo: Reuters

Drug major on Monday said the company along with its subsidiary has entered into settlements with certain plaintiffs in the pending in the US District Court for the Eastern District of Pennsylvania.

The company, however, did not disclose the details of the settlement, saying the terms are confidential.

In a regulatory filing, said "the settlements extend to all claims brought by the Direct Purchaser Plaintiffs".

The company "and one of its wholly-owned subsidiaries have entered into settlements with certain plaintiffs in the 'In re Modafinil Antitrust Litigation' matter pending in the United States District Court for the Eastern District of Pennsylvania," said in a filing to the BSE.

Earlier in a regulatory filing on the quarterly results on November 13, 2018, the pharma major had reported a consolidated net loss of Rs 2.18 billion for the July-September quarter on account of a Rs 12.14-billion provision for the settlement of the Modafinil antitrust case in the US.

"After accounting for the provision of Rs 12.14 billion for the estimated settlement amount payable to all the remaining plaintiffs related to the in the US, the net loss for the quarter was at Rs 2.19 billion," had said.

Modafinil is a wakefulness-promoting drug for oral administration.

First Published: Mon, November 26 2018. 21:15 IST
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