Claris Life up 8% on litigations settlement with US company

Moneycontrol Bureau

Shares of Claris Lifesciences climbed 8 percent intraday on Monday on settlement of litigations & licence agreement for anesthetic with US company.

"Claris has reached a settlement and license agreement, ending all pending litigation with Fresenius Kabi USA Inc, with reference to the alleged infringement of a patent relating to Propofol for injection, 10 mg/ml," said the company in its filing to the exchange.

Propofol for injection is a generic version of Diprivan, which is indicated for general anaesthesia for surgery or other medical procedures.

Under the terms of settlement and license agreement, Claris and Claris Lifesciences Inc USA has been granted approval to sell its generic version of Propofol for injection beginning October 15, 2016, prior to June 1, 2025 expiry of the patent that formed the basis of litigation.

According to IMS health data, as of June 2014, Propofol injection had an annual market size of approximately USD 251 million in the USA.

Fresenius Kabi USA Inc had filed a suit against Claris on December 19, 2014 in the US district court, Delaware, seeking to prevent the company from commercialising its ANDA prior to the expiration of its existing patent on December 1.

At 10:49 hours IST, the scrip of Claris Lifesciences was quoting at Rs 324.50, up Rs 15.50, or 5.02 percent on the BSE.