The stock of the country’s most-valued drug maker, Sun Pharmaceutical Industries, closed with over two per cent gain on bourses, after a favourable verdict from the US Supreme Court in its patent case against Novo Nordisk.
The US Supreme Court ruled in favour of the company’s subsidiary, Caraco Pharmaceutical Labora-tories, in its patent litigation against Novo Nordisk over Caraco’s generic version of prandin, repaglinide tablets, used for treating diabetes.
Shares in Sun Pharma surged 2.8 per cent to Rs 600.5, its 52-week high on the Bombay Stock Exchange. The stock finally closed 2.1 per cent up at Rs 596.6. A similar movement was witnessed on the National Stock Exchange, where the stock opened at Rs 588.05, surged to an intra-day high of Rs 601.5, and finally closed at Rs 598 — a gain of 2.27 per cent.
The market capitalisation of the company increased to Rs 61,775 crore from Rs 60,020 crore yesterday.
The market capitalisation of the company increased to Rs 61,775 crore from Rs 60,020 crore yesterday.
Prandin is a registered trademark of Denmark-based drug firm Novo Nordisk and has annual US sales of about $230 million.
