Shilpa Pharma, a US-based operating company of Shilpa Medicare, has filed a patent infringement lawsuit in the US court against Novartis Pharmaceutical Corporation.
Shilpa Pharma has filed patent infringement lawsuit against Novartis Pharmaceutical Corporation in the United States District court for the district of Delaware seeking relief for the infringement of the US Patent No. 9,266,816 entitled "Fingolimod Polymorph and Their Processes".
"Shilpa is a global brand in manufacturing and supplying of affordable Active Pharmaceutical Ingredients (APIs), generic and innovative Formulations globally in different markets. As a global brand in Active Pharmaceutical Ingredients, generic and Innovative Formulations, Shilpa re-invests a significant portion of its revenue in R&D each year," the company said in a statement.
"Shilpa invest heavily in R&D, which resulted in more than 466 patent applications worldwide including 70 patent applications of which 30 patents has been granted in United States alone," it added.
The company said it has invested significant effort to develop its own IP related to the drug Fingolimod and it is now making efforts to enforce its IP in the US.
The company's consolidated net profit dropped 86% to Rs 7.67 crore on a 19.3% fall in net sales to Rs 191.25 crore in Q3 FY21 over Q3 FY20.
Shilpa Medicare is a global brand in manufacturing and supplying of affordable API and formulation globally in different regulated markets.
Shares of Shilpa Medicare fell 1.45% to Rs 422.45 on BSE. The scrip has traded in the range of Rs 421.25 to Rs 434.15 so far.
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