Cadila Healthcare rose 1.47% to Rs 997.90 at 14:52 IST on BSE after the company and Zydus Pharmaceuticals (USA), Inc., announced settlement of all outstanding patent litigation related to Asacol HD (mesalamine) delayed-release tablets.
The announcement was made during market hours today, 11 June 2014.
Meanwhile, the S&P BSE Sensex was down 175.36 points or 0.69% at 25,408.33.
On BSE, so far 10,000 shares were traded in the counter as against average daily volume of 16,489 shares in the past one quarter.
The stock hit a high of Rs 1,002.60 and a low of Rs 974.40 so far during the day. The stock had hit a 52-week low of Rs 631 on 20 August 2013. The stock had hit a record high of Rs 1079 on 3 March 2014.
The stock had underperformed the market over the past one month till 10 June 2014, sliding 0.91% compared with the Sensex's 11.26% rise. The scrip had also underperformed the market in past one quarter, declining 1.11% as against Sensex's 16.64% rise.
The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Rs 5.
Cadila Healthcare and Zydus Pharmaceuticals (USA), Inc., a leading generic pharmaceutical company in the United States, today, 11 June 2014, announced that they have finalized their previously announced agreement with Warner Chilcott Company LLC, a subsidiary of Actavis plc to settle all outstanding patent litigation related to Asacol HD (mesalamine) delayed-release tablets. The terms of the agreement are unchanged from those disclosed by the companies in December 2013.
Under the terms of the agreement, Warner Chilcott grants Zydus a royalty bearing license to market its generic version of Asacol HD beginning to 15 November 2015 or earlier under certain circumstances, following receipts by Zydus of final approval from the US Food and Drug Administration (USFDA) of its abbreviated new drug application (ANDA) for generic Asacol HD, Cadila Healthcare said in a statement.
Alternatively, if Zydus does not receive FDA approval of its generic Asacol HD by 1 July 2016, Zydus will be permitted to launch an authorized generic version of Warner Chilcott Company's product beginning on 1 July 2016. Other terms of the settlement were not disclosed.
Cadila Healthcare's consolidated net profit declined 8.7% to Rs 239.19 crore on 22.4% growth in net sales to Rs 1916.33 crore in Q4 March 2014 over Q4 March 2013.
Cadila Healthcare is a global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.
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