Sun Pharma Advanced Research Company (SPARC) advanced 3.51% to Rs 159.10 after Abraxis Bioscience dismissed patent infringement complaint filed against the company.
Sun Pharma Advanced Research Company (SPARC) announced that Abraxis Bioscience LLC. has dismissed the patent infringement complaint filed against SPARC regarding SPARC's new drug application for PICS (Paclitaxel injection concentrate for suspension)."We are very pleased that Abraxis Bioscience LLC. has withdrawn its infringement claims paving the way for a successful launch as and when we receive necessary regulatory approvals," said Anil Raghavan, CEO of SPARC.
SPARC will also inform the US Food and Drug Administration (USFDA) of the dismissal of the complaint to vacate the 30-month stay. The announcement was made during market hours today, 9 December 2019.
SPARC reported a net loss of Rs 63.16 crore in Q2 September 2019, higher than net loss of Rs 2.58 crore Q2 September 2018. Revenue from operations slumped 71.98% to Rs 17.19 crore in Q2 September 2019 over Q2 September 2018.
SPARC is a clinical stage bio-pharmaceutical company.
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