Sun Pharma is trading nearly 3% lower at Rs 540 levels on reports that Wyeth Pharmaceuticals Inc, a Pfizer group company, has claimed $960 million (Rs 4,700 crore) in damages from Sun Pharma for allegedly infringing the patent on its anti-ulcer brand, Protonix.
The patent infringement dispute has been under litigation since 2005 and also involves the world’s largest drug generics company, Teva Pharma.
Sun Pharma says it has sound reason to disagree with the claims of Wyeth and says the patent is invalid and unenforceable. The company will pursue all available legal remedies, including appeals, it said in a statement.
The stock opened at Rs 537 levels and touched a low of Rs 535 in trades thus far on the Bombay Stock Exchange (BSE). As many as 57,400 shares have changed hands till 951am on the BSE.
