Meanwhile, the S&P BSE Sensex was down 181.31 points, or 0.95%, to 18,866.75.
On BSE, 1.47 lakh shares were traded in the counter as against an average daily volume of 1.03 lakh shares in the past one quarter.
Shares of Sun Pharmaceutical Industries saw high volatility in early trade. The stock dropped as much as 6.63% at the day's low of Rs 916. The stock fell as much as 2.34% at the day's high of Rs 958. The stock had hit a record high of Rs 1,085.40 on 30 May 2013. The stock had hit a 52-week low of Rs 575.50 on 12 June 2012.
The stock outperformed the market over the past one month till 12 June 2013, rising 2.97% compared with the Sensex's 5.37% decline. The scrip had also outperformed the market in past one quarter, gaining 18.56% as against Sensex's 2.68% fall.
The large-cap pharmaceutical major has an equity capital of Rs 103.56 crore. Face value per share is Re 1.
Sun Pharmaceutical Industries announced after market hours on Wednesday, 12 June 2013, that the company together with its subsidiaries, has settled an ongoing litigation pending in the United States District Court, District of New Jersey (Court) regarding Sun Pharmaceutical Industries subsidiary's generic pantoprazole. Under the terms of the litigation settlement between Sun Pharmaceutical Industries, and Wyeth, (now a division of Pfizer Inc.,) and Altana Pharma AG, (now known as Takeda GmbH) the parties have dismissed all their claims. Sun Pharmaceutical Industries will pay a lump-sum $550 million as a part of this settlement.
In 2005, Wyeth and Altana had filed a patent infringement suit against Sun Pharmaceutical Industries after Sun Pharmaceutical Industries filed its abbreviated new drug application for pantoprazole. Sun Pharmaceutical Industries launched its generic pantoprazole in the US on 30 January 2008. In April 2010, a jury had determined that Altana's patent is not invalid. On 3 June 2013, the Court began a jury trial to assess the amount of past damages that Sun Pharmaceutical Industries owed for infringing Altana's now expired patent. This settlement now culminates the ongoing litigation, Sun Pharmaceutical Industries said in a statement. Sun Pharmaceutical Industries can continue to sell its generic pantoprazole in the US, it said.
On 4 June 2013, Sun Pharmaceutical Industries said it has received final approval from the United States Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for generic version of an injection which is indicated for replacement therapy in the male in conditions associated with symptoms of deficiency or absence of endogenous testosterone. It is a generic version of Pfizer's Depo-Testosterone Injection. As per April-2013 IMS MAT data, the product had annual revenue of approximately $130 million in the US.
Sun Pharmaceutical Industries' consolidated net profit rose 23.3% to Rs 1011.56 crore on 25.1% rise in total income to Rs 3188.86 crore in Q4 March 2013 over Q4 March 2012.
Sun Pharmaceutical Industries is an international, integrated, speciality pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, nephrology, gastroenterology, orthopedics and ophthalmology. The company has strong skills in product development, process chemistry and manufacturing of complex API, as well as dosage forms.
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