Sun Pharmaceutical Industries Ltd. announced that the company together with its subsidiaries had settled an ongoing litigation pending in the Untied States District Court, District of New Jersey, regarding Sun Pharma subsidiary's generic pantoprazole.
Under the terms of the litigation settlement between Sun Pharma, and Wyeth (now a division of Pfizer Inc.) and Altana Pharma AG (now known as Takeda GmbH), the parties have dismissed all their claims. Sun Pharma will pay a lump sum $550 million as a part of this settlement.
In 2005, Wyeth and Altana had filed a patent infringement suit against Sun Pharma after Sun Pharma filed its abbreviated new drug application for pantoprazole. Sun Pharma launched its generic pantoprazole in the US on January 30, 2008. In April 2010, a jury had determined that Altana's patent is now invalid. On June 3, 2013, the Court began a jury trial to assess the amount of past damages that Sun Pharma owned for infringing Altana's now expired patent. This settlement now culminated the ongoing litigation.
Sun Pharma can continue to sell its generic pantoprazole in the US, the company added.
At the BSE, Sun Pharmaceutical Industries closed Wednesday's trading at Rs981, down 0.28 percent from the previous close.
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