Sun Pharma Secures Favourable US Appeals Court Ruling in Lipitor Antitrust Litigation

Sun Pharmaceutical Industries Limited has received a major legal victory in the United States, with the US Court of Appeals for the Third Circuit ruling in its favour regarding long-standing antitrust litigation involving generic Lipitor (Atorvastatin).

The Appellate Court affirmed the United States District Court's order granting summary judgment in its entirety for Sun Pharma and certain of its subsidiaries.

The litigation stemmed from a 2008 patent litigation settlement agreement with Pfizer. Plaintiffs had alleged that the agreement unlawfully delayed generic competition for Lipitor, claiming that the medication would have entered the market earlier had the settlement not occurred. The ongoing matter was previously disclosed periodically in the company's financial statements.

In addition to affirming summary judgment, the Appellate Court upheld the District Court's orders denying class certification to the plaintiffs. The company noted that this judgment represents a significant favourable development, bringing the antitrust litigation substantially to a close, subject only to any further legal remedies that may remain available to the plaintiffs under applicable law.

Shares of Sun Pharmaceutical Industries Limited was last trading in BSE at Rs. 1882.50 as compared to the previous close of Rs. 1924.90. The total number of shares traded during the day was 466400 in over 3584 trades.

The stock hit an intraday high of Rs. 1949.80 and intraday low of 1881.00. The net turnover during the day was Rs. 883866519.00.

Source : Equity Bulls

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SunPharmaceuticalIndustries INE044A01036 Lipitor AntitrustLitigation FavourableDevelopment