Sun Pharmaceutical Industries has moved higher by 2% to Rs 626 on the National Stock Exchange (NSE) after the company announces settlement of litigation for generic Gleevec in United States.
Sun Pharma said that one of its subsidiaries has executed a settlement agreement with Novartis Pharmaceuticals Corporation stipulating a dismissal of the lawsuits filed in the US against the Company regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Gleevec, Imatinib Mesylate tablets. These tablets are indicated for the treatment of chronic myeloid leukemia.
Under the terms of the settlement agreement, Sun Pharma’s subsidiary may launch its version of generic Gleevec in the United States on February 1, 2016. The other terms of the agreement are kept confidential. The agreement is subject to customary regulatory approvals, Sun Pharma said in a regulatory filing.
Sun Pharma’s subsidiary holds a tentative approval from the US FDA for its ANDA for a generic version of Gleevec. As per IMS, Gleevec had annual sales of approximately US $2bn in the US.
The stock opened at Rs 620 and hit a high of Rs 630 on NSE. A combined 1.95 million shares changed hands on the counter till noon deals on NSE and BSE.
Sun Pharma said that one of its subsidiaries has executed a settlement agreement with Novartis Pharmaceuticals Corporation stipulating a dismissal of the lawsuits filed in the US against the Company regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Gleevec, Imatinib Mesylate tablets. These tablets are indicated for the treatment of chronic myeloid leukemia.
Under the terms of the settlement agreement, Sun Pharma’s subsidiary may launch its version of generic Gleevec in the United States on February 1, 2016. The other terms of the agreement are kept confidential. The agreement is subject to customary regulatory approvals, Sun Pharma said in a regulatory filing.
Sun Pharma’s subsidiary holds a tentative approval from the US FDA for its ANDA for a generic version of Gleevec. As per IMS, Gleevec had annual sales of approximately US $2bn in the US.
The stock opened at Rs 620 and hit a high of Rs 630 on NSE. A combined 1.95 million shares changed hands on the counter till noon deals on NSE and BSE.
