Sun Pharmaceutical Industries rose 1% to Rs 583.75 at 9:22 IST on BSE after the company said it received a license to sell the generic version of Linzess in the US from 1 February 2031 after settling patent litigation.
The announcement was made after market hours yesterday, 16 January 2018.Meanwhile, the S&P BSE Sensex was down 16.46 points, or 0.05% to 34,754.59.
On the BSE, 66,000 shares were traded in the counter so far, compared with average daily volumes of 7.10 lakh shares in the past two weeks. The stock had hit a high of Rs 585.65 and a low of Rs 577 so far during the day. The stock hit a 52-week high of Rs 728.45 on 14 March 2017.
The stock hit a 52-week low of Rs 433.15 on 14 August 2017.
Sun Pharmaceutical Industries announced that its wholly-owned subsidiaries have reached an agreement with Ironwood Pharmaceuticals, Inc. and Allergan plc (together known as the companies) to resolve the patent litigation regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Linzess (Linaclotide capsules) in the US.
Pursuant to the terms of the settlement, the companies will grant, the wholly owned subsidiaries of Sun Pharma, a license to market a generic version of Linzess in the United States beginning 1 February 2031 (subject to US drug regulator's approval) or earlier under certain circumstances. As a result of the settlement, all Hatch-Waxman litigation between Sun Pharma and the companies, regarding the Linzess patents, will be dismissed. Additional details regarding the settlement were not disclosed. The agreement is subject to customary regulatory approvals.
On a consolidated basis, Sun Pharmaceutical Industries' net profit fell 59.5% to Rs 1001.79 crore on 15% decline in net sales to Rs 6590.06 crore in Q2 September 2017 over Q2 September 2016.
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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