Apr 12, 2013, 01.56 PM IST
The Delhi High Court today sought response of Glenmark Pharmaceuticals on US drug major Merck Sharp and Dohme's appeal against the single judge bench order refusing to restrain the Indian firm from manufacturing and selling anti-diabetes drugs Zita and Zita-Met.
A bench of Justices S Ravindra Bhat and S K Mishra issued a notice to Glenmark and sought its reply by May 22 on the US firm's plea challenging the single judge order.
The American drug major is involved in a patent row with Glenmark which has recently come out with the two medicines in alleged violation of intellectual property rights (IPR) used in its drugs Januvia and Janumet.
On April 5, a single judge bench of Justice Rajiv Sahai Endlaw, in an interim order, had refused to restrain the Indian company from manufacturing and selling its anti-diabetes medicines.
Justice Endlaw had said, "I do not find the plaintiff (MSD) to have made out a case for grant of interim relief. The application is accordingly dismissed but with a direction to the defendant (Glenmark Pharmaceuticals) to diligently maintain accounts of the manufacturing/production and sales of the infringing products and to file the same before this court with advance copy to the counsel for the plaintiff."
The court has kept the US firm's main petition pending for filing of evidence and other subsequent legal proceedings before its joint registrar on July 16. It had said that any observation observation contained herein in the interim order would not have any bearing on the final decision of the matter.
The single judge's order had come on the US firm's plea alleging that the Indian pharma company has violated its IPR over its anti-diabetes medicines, Januvia and Janumet, by coming out with their own drugs containing the same salts.
Glenmark, however, has said it has used 'Sitagliptin Phosphate' in its anti-diabetes drugs, Zita and Zita-Met, and the US firm has no patent right over this salt. Sitagliptin Phosphate has been a distinct product from Sitagliptin and due to this, the US firm had obtained separate patent for Sitagliptin Phosphate in the US, the Indian firm has said.
Merck Sharp and Dohme first applied for a separate patent for Sitagliptin Phosphate in India and later abandoned it, it has said.
On its part, the US drug firm has said anti-diabetes drug Januvia is not costly at Rs 43 a pill which is roughly 1/5th of its price in the US. According to market sources, Glenmark's version costs around 30 percent less.
Glenmark stock price
On December 11, 2013, Glenmark Pharma closed at Rs 527.65, down Rs 10.05, or 1.87 percent. The 52-week high of the share was Rs 612.00 and the 52-week low was Rs 441.00.
The company's trailing 12-month (TTM) EPS was at Rs 15.41 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 34.24. The latest book value of the company is Rs 93.06 per share. At current value, the price-to-book value of the company is 5.67.
Action in Glenmark Pharma
Video of the day
Dec 11 2013, 09:54
- in Business
Dec 4 2013, 11:08
- in FII View
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.