 "Claris Lifesicences gains on settlement with Fresenius Kabi USA")
Claris Lifesicences has moved higher by 6% at Rs 328 on the BSE after it announced settlement of litigation and license agreement for its generic DIPRIVAN in USA.
“The company has reached a settlement and license agreement, ending all pending litigation with Fresenius Kabi USA, Inc. with reference to alleged infringement of a patent relating to propofol for injection, 10 mg/ml, which is a generic version of DIPRIVAN,” Claris Lifesicences said in a press release.
Under the terms of the settlement and license agreement, Claris and Claris Lifesciences Inc. (USA) has been granted approval to sell its generic version of propofol for injection beginning 15th October 2016, prior to 1st June 2025 expiry of the patent that formed the basis of the litigation, it added.
Propofol Injection had an annual market size of approximately US$ 251 million in the USA, according to IMS health data as of June 2014.
The stock opened at Rs 334 and has seen around 356,000 shares changed hands on the counter till 1032 hours on the BSE.
“The company has reached a settlement and license agreement, ending all pending litigation with Fresenius Kabi USA, Inc. with reference to alleged infringement of a patent relating to propofol for injection, 10 mg/ml, which is a generic version of DIPRIVAN,” Claris Lifesicences said in a press release.
Under the terms of the settlement and license agreement, Claris and Claris Lifesciences Inc. (USA) has been granted approval to sell its generic version of propofol for injection beginning 15th October 2016, prior to 1st June 2025 expiry of the patent that formed the basis of the litigation, it added.
Propofol Injection had an annual market size of approximately US$ 251 million in the USA, according to IMS health data as of June 2014.
The stock opened at Rs 334 and has seen around 356,000 shares changed hands on the counter till 1032 hours on the BSE.