Sun Pharma tanks over 6% on $550 million patent suit settlement with Pfizer

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Shares of drug maker Sun Pharmaceuticals Industries dipped over 6 per cent in early trade on Bombay Stock Exchange (BSE) after the company said it would pay a USD 2.15 billion to settle a patent infringement lawsuit related to its acid-reflux drug Protonix.

"Under the terms of the litigation settlement between Sun Pharmaand Wyeth (now a division of Pfizer Inc.) and Altana Pharma AG (now known as Takeda GmbH), the parties have dismissed all their claims and Sun Pharma will pay a lump-sum of $550 million (around Rs.3,100 crore) as part of the settlement," Sun Pharma said in a statement.

Weighed down by development, shares of company declined as much 6.62 per cent to trade at Rs 916.00 a piece on the BSE.

In a similar fashion, shares of the company were locked at 955.00 a piece, down 2.62 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 18,868.35, down 178.71 points or 0.91 per cent at 9:43 hours.

Story first published: Thursday, June 13, 2013, 12:53 [IST]
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