Investors bought more shares of Sun Pharmaceutical Industries on Monday on settlement of litigation with the US company. The stock rallied more than 4 percent to hit a record high of Rs 1,124.35.
The drug maker has entered into a settlement pact with US-based The Medicines Company for settling the lawsuit filed against it by the later for generic Angiomax.
"Sun Pharmaceutical Industries and certain of our subsidiaries have executed a settlement agreement with 'The Medicines Company USA' settling the lawsuit filed against the company and its subsidiaries regarding submission of abbreviated new drug application (ANDA) by one of our subsidiaries, for a generic version of Angiomax, Bivalirudin injection," the company said in a filing to BSE.
Under the terms of the agreement, the company's subsidiary is entitled to launch its version of generic Angiomax in the US on June 30, 2019 or earlier under certain limited circumstances, it added.
"This product is a direct thrombin inhibitor indicated for use as an anticoagulant," Sun Pharmaceutical Industries said.
Meanwhile, the trading in shares of Ranbaxy Labs (now the part of merged entity - Sun Pharma + Ranbaxy Labs) stopped from today.
At 11:04 hours IST, the scrip of Sun Pharmaceutical Industries was quoting at Rs 1,122.10, up Rs 43.55, or 4.04 percent on the BSE.
(With inputs from PTI)
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