Ranbaxy Laboratories today said that it has settled its Actos patent litigation with Japan's Takeda Pharmaceutical company.
Under the terms of agreement, Takeda has granted Ranbaxy a non-exclusive royalty free license to its US patents. Actos clocked sales of $3.4 billion in 2009, Ranbaxy said in a statement to the Bombay Stock Exchange.
"This agreement will allow Ranbaxy Pharmaceuticals Inc to bring to patients with diabetes a generic alternative in this important therapeutic area," said Jim Meehan, Vice President, Sales and Distribution for Ranbaxy Pharmaceuticals.
Shares of Ranbaxy Labs were trading at Rs 458.80, down 0.94 per cent on the Bombay Stock Exchange.
