Glenmark Pharmaceuticals fell 1.63% to Rs 1,040.30 at 14:42 IST on BSE on reports the Delhi High Court restrained the company from selling its anti-diabetes drugs for infringing patent of an American company.
Meanwhile, the BSE Sensex was up 42.52 points, or 0.16%, to 26,975.40.
On BSE, so far 68,000 shares were traded in the counter, compared with an average volume of 61,000 shares in the past two weeks.
The stock hit a high of Rs 1,070 and a low of Rs 1,034.40 so far during the day. The stock hit a 52-week high of Rs 1,261.95 on 21 August 2015. The stock hit a 52-week low of Rs 697.55 on 8 October 2014.
According to reports, the Delhi High Court today, 7 October 2015, restrained Glenmark Pharmaceuticals from manufacturing and selling its anti-diabetes drugs Zita and Zita-Met, saying it has infringed patent of US-based Merck Sharp and Dohme.
Justice A K Pathak reportedly said that in view of the finding returned on the issues, Glenmark Pharmaceuticals is restrained by decree of permanent injunction from making using, selling, distributing, advertising, exporting, offering for sale or dealing in Sitagliptin phosphate monohydrate or any other salt of Sitagliptin in any form, alone, or in combination with any other drug, thereby infringing patent of plaintiff (Merck Sharp and Dohme).
Merck Sharp and Dohme in its plea had sought injunction against Glenmark alleging that the Indian pharma company had violated its IPR over its anti-diabetes medicines, Januvia and Janumet, by coming out with their own drugs containing the same salts. The US firm had said it had invented 'Sitagliptin' salt used in its anti-diabetes drugs and has patent over the molecule, reports suggested.
On a consolidated basis, Glenmark Pharmaceuticals' net profit fell 3.6% to Rs 178.27 crore on 10.9% increase in total income to Rs 1653.11 crore in Q1 June 2015 over Q1 June 2014.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of inflammation and pain management. The company has a significant presence in branded generics markets across emerging economies including India.
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