Shares of the Sun Pharmaceutical Industries was seen trading higher on Tuesday after the company announced that Ranbaxy Pharmaceuticals, a wholly-owned subsidiary entered into a Settlement Agreement with Actavis that dismisses the patent litigation suit relating to Actavis.
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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 U.S, the company said in the BSE press release.
The other terms of the agreement are confidential. The Settlement Agreement is subject to review by the U.S. Federal Trade Commission and the U.S. Department of Justice, added further.
Shares of the company were seen trading at Rs 913.60, higher by 1.74 per cent on BSE at 12.12 pm IST. It touched an intra-day high of Rs 915 during the trade.
Meanwhile, the broader benchmark BSE Sensex was trading at 26611.64, up 27.97 points, or 0.10 per cent at 12.14 pm IST.