Feb 16, 2012, 11.35 AM IST
Wyeth Pharmaceuticals Inc is seeking USD 960 million in damages from Sun Pharmaceutical Industries for alleged patent infringement in launching a generic version of acid reflux drug Protonix in the United States, the Indian company said.
The original patent relating to Protonix, known chemically as pantoprazole sodium, is held by Swiss drugmaker Nycomed and was licensed to Wyeth, which is now owned by Pfizer.
Wyeth and Nycomed, owned by Japan's Takeda Pharmaceutical Co, filed the lawsuit in the U.S. District Court in New Jersey against Sun and Teva Pharmaceutical Industries.
Sun launched its generic version of Protonix tablets in January 2008 after Teva Pharmaceutical Industries and its U.S. subsidiary began selling the drug in December 2007.
"Sun Pharma believes that it has sound reasons to disagree with these overstated claims of Wyeth, and also continues to believe that the patent is invalid and unenforceable and will pursue all available legal remedies including appeals," the company said on Thursday.
Nycomed manufactures a major quantity of pantoprazole in a joint venture with India's Cadila Healthcare. Drugs, in which pantoprazole is a key ingredient, have annual global sales of between $7 billion and $8 billion.
Shares of Sun Pharma fell as much as 3.7% in early trade on Thursday, while the broader market was down 0.2%.
Sun Pharma stock price
On December 06, 2013, Sun Pharmaceutical Industries closed at Rs 582.10, up Rs 3.85, or 0.67 percent. The 52-week high of the share was Rs 650.00 and the 52-week low was Rs 346.80.
The company's trailing 12-month (TTM) EPS was at Rs 0.89 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 654.04. The latest book value of the company is Rs 41.64 per share. At current value, the price-to-book value of the company is 13.98.
Action in Sun Pharmaceutical Industries
Video of the day
Dec 6 2013, 15:02
- in MARKET OUTLOOK
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.