Sun Pharmaceutical Industries rose 1.85% to Rs 914.80 at 10:41 IST on BSE after the company said its wholly owned subsidiary entered into a patent settlement agreement with Actavis Group with regard to generic version of Absorica.
The company made the announcement after market hours yesterday, 5 October 2015.
Meanwhile, the S&P BSE Sensex was up 97.60 points or 0.36% at 26,883.15.
On BSE, so far 1.41 lakh shares were traded in the counter as against average daily volume of 4.13 lakh shares in the past two weeks.
The stock hit high of Rs 915.90 and low of Rs 902.25 so far during the day. The stock had hit a record high of Rs 1,200.70 on 7 April 2015. The stock had hit a 52-week low of Rs 792 on 17 October 2014.
Sun Pharmaceutical Industries' (Sun Pharma) announced that its wholly-owned subsidiary - Ranbaxy Pharmaceuticals Inc. (Ranbaxy), along with its partners, Cipher Pharmaceuticals Inc. (Cipher) and Galephar Pharmaceutical Research, Inc. (Galephar) have entered into a settlement agreement with Actavis Group (Actavis) that dismisses the patent litigation suit relating to Actavis' abbreviated new drug application (ANDA) for a generic version of Absorica (isotretinoin capsules).
As part of the settlement agreement, Ranbaxy, Cipher, and Galephar have entered into a non-exclusive license agreement with Actavis under which Actavis may begin selling its generic version of Absorica in the US on 27 December 2020 (about nine months prior to the expiration of the patents in September 2021) or earlier under certain circumstances.
The settlement agreement is subject to review by the US Federal Trade Commission and the US Department of Justice.
Sun Pharmaceutical Industries' consolidated net profit dropped 60.2% to Rs 478.96 crore on 3.3% growth in net sales to Rs 6522.16 crore in Q1 June 2015 over Q1 June 2014.
Sun Pharmaceutical Industries manufactures specialty and generic medicines, targeting a wide spectrum of chronic and acute treatments. The therapeutic segments include psychiatry, anti-infectives, neurology, cardiology, orthopaedic, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynaecology, respiratory, oncology, dental and nutritionals.
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