Cadila Healthcare rose 2.63% to Rs 744.50 at 09:24 IST on BSE after the company said it has settled a patent litigation with US-based Warner Chilcott Company LLC.
The announcement was made after market hours on Wednesday, 11 December 2013.
Meanwhile, the BSE Sensex was down 109.83 points, or 0.52%, to 21,061.58.
On BSE, so far 1,204 shares were traded in the counter, compared with an average volume of 26,249 shares in the past one quarter.
The stock hit a high of Rs 747.65 and a low of Rs 733.90 so far during the day. The stock hit a 52-week high of Rs 924.60 on 22 February 2013. The stock hit a 52-week low of Rs 631 on 20 August 2013.
The stock had underperformed the market over the past one month till 11 December 2013, falling 1.16% compared with the Sensex's 3.32% rise. The scrip had, however, outperformed the market in past one quarter, rising 11.19% as against Sensex's 5.87% rise.
The large-cap company has an equity capital of Rs 102.37 crore. Face value per share is Rs 5.
Cadila Healthcare said it along with Zydus Pharmaceuticals (USA) Inc, have entered into an agreement with Warner Chilcott Company to settle all outstanding patent litigation related to Asacol HD (mesalamine) delayed-release tablets. The agreement remains subject to preparation and execution of definitive documentation, Cadila Healthcare said in a statement.
As part of the agreement, Warner Chilcott will grant Cadila and Zydus a royalty- bearing license to market a generic version of Asacol HD beginning on 15 November 2015 or earlier under certain circumstances, following receipt by Zydus of final approval from the USFDA of its ANDA for generic Asacol HD, the company said.
Alternatively, if Zydus does not receive FDA approval of its generic Asacol HD by 1 July 2016, Zydus will be permitted to launch an authorised generic version of Asacol HD beginning on 1 July 2016, it added. Asacol is used to treat ulcerative colitis, proctitis and proctosigmoiditis.
Cadila Healthcare's consolidated net profit surged 93.76% to Rs 183.37 crore on 13.19% increase in total income to Rs 1759.02 crore in Q2 September 2013 over Q2 September 2012.
Cadila Healthcare is a global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.
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