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Sun Pharma updates on Ranbaxy Generic Drug Application Antitrust Litigation in US

Posted On: 2019-12-02 08:28:26

Sun Pharmaceutical Industries Ltd along with its wholly owned subsidiaries (together "Sun Pharma") is a defendant in a multi-district litigation brought by various classes of plaintiffs, in the US District Court (District of Massachusetts), alleging a delay in the market entry for three generic drugs (Valganciclovir, Valsartan and Esomeprazole). The complaints assert claims under the Racketeer Influenced and Corrupt Organizations Act, federal and state antitrust laws, and state consumer protection laws.

These litigations have already been disclosed in the Company's 2018-19 annual report.

On November 27, 2019, the US District Court (District of Massachusetts) entered a decision denying in part and granting in part Sun Pharma's motion to dismiss the claims of certain plaintiffs. Under the ruling the majority of those plaintiff's claims survive and several state law claims are dismissed. The litigation is proceeding in discovery.

Sun Pharma will continue to vigorously defend against all claims and is also considering its appeal options as to the claims that were not dismissed in the above court decision.

Shares of SUN PHARMACEUTICAL INDUSTRIES LTD. was last trading in BSE at Rs.449.8 as compared to the previous close of Rs. 457.1. The total number of shares traded during the day was 147106 in over 2932 trades.

The stock hit an intraday high of Rs. 460.5 and intraday low of 447.5. The net turnover during the day was Rs. 66634924.


Source: Equity Bulls

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