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Last Updated : Dec 02, 2019 11:07 AM IST | Source: Moneycontrol.com

Sun Pharma share price dips 3% after US court denies dismissing plaintiff claims

Sun alleged a delay in the market entry for its three generic drugs (Valganciclovir, Valsartan and Esomeprazole).

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Shares of Sun Pharmaceutical Industries fell 2.8 percent intraday on December 2 after the US court denied to dismiss some claims of certain plaintiffs related to Ranbaxy case.

The company along with its wholly-owned subsidiaries (including Ranbaxy Labs) is a defendant in multi-district litigation brought by various classes of plaintiffs, in the US District Court (District of Massachusetts).

Sun alleged a delay in the market entry for its three generic drugs (Valganciclovir, Valsartan and Esomeprazole).

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"On November 27, 2019, the US District Court (District of Massachusetts) entered a decision denying in part and granting in part Sun Pharma’s motion to dismiss the claims of certain plaintiffs. Under the ruling the majority of those plaintiff's claims survive and several state law claims are dismissed. The litigation is proceeding in discovery," company said in its BSE filing.

"We will continue to vigorously defend against all claims and is also considering its appeal options as to the claims that were not dismissed in the above court decision," it added.

The complaints assert claims under the Racketeer Influenced and Corrupt Organizations Act, federal and state antitrust laws, and state consumer protection laws.

These litigations have already been disclosed in the company’s 2018-19 annual report, Sun Pharma said.

The stock was quoting at Rs 439.35, down Rs 10.45, or 2.32 percent on the BSE at 1044 hours IST.

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First Published on Dec 2, 2019 11:07 am
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