Unichem Laboratories rises 9% on settlement agreement with Eli Lilly

Representative image.

Shares of Unichem Laboratories added 9 percent intraday Wednesday as company entered in to settlement agreement with Eli Lilly.

The company has entered into a settlement agreement with Eli Lilly & Company and ICOS Corporation to resolve their patent litigation in the United States District Court for the District of New Jersey regarding company's abbreviated new drug application for generic tadalafil (Cialis).

Under the settlement agreement, company expects to launch its generic tadalafil product in the United States on or not before March 26, 2019 under certain circumstances.

At 14:06 hrs Unichem Laboratories was quoting at Rs 254.95, up Rs 18.10, or 7.64 percent.