Sun Pharmaceutical Industries said that the US Supreme Court has ruled in favor of its subsidiary in a patent litigation against Novo-Nordisk over its generic version of diabetes drug -- Prandin.
This news led to rise in the shares of the company over 2% and hit the 52-week high at Rs599. Till now, over 0.17 lakh shares have traded on the BSE as against the two-week average volume of 3.83 shares.
Sun Pharmaceutical Industries said the United States (US) Supreme Court has ruled in favor of its subsidiary, Caraco Pharmaceutical Laboratories, in its patent litigation against Novo-Nordisk over Caraco's generic version of Prandin, Repaglinide tablets. Prandin has annual sales of approximately $230 million in the US. Prandin is a registered trademark of Novo Nordisk.
The Supreme Court, in a unanimous opinion, concluded that Caraco can seek correction of Novo Nordisks inaccurate use of code regarding the combination use of repaglinide and metformin for the treatment of type 2 diabetes. This landmark decision will help all generic companies prevent brand companies from improperly delaying or preventing the marketing of generic drugs against their products by misrepresenting their patents to the US Food and Drug Administration ( USFDA), Sun Pharma said in a statement.
Caraco's abbreviated new drug application ( ANDA) for generic Prandin is still awaiting approval at the USFDA. Also, a separate appeal concerning the validity of patents for Prandin is currently pending before the Court of Appeals for the Federal Circuit after a lower court ruled in favor of Caraco, Sun Pharma said.
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This news led to rise in the shares of the company over 2% and hit the 52-week high at Rs599. Till now, over 0.17 lakh shares have traded on the BSE as against the two-week average volume of 3.83 shares.
Sun Pharmaceutical Industries said the United States (US) Supreme Court has ruled in favor of its subsidiary, Caraco Pharmaceutical Laboratories, in its patent litigation against Novo-Nordisk over Caraco's generic version of Prandin, Repaglinide tablets. Prandin has annual sales of approximately $230 million in the US. Prandin is a registered trademark of Novo Nordisk.
The Supreme Court, in a unanimous opinion, concluded that Caraco can seek correction of Novo Nordisks inaccurate use of code regarding the combination use of repaglinide and metformin for the treatment of type 2 diabetes. This landmark decision will help all generic companies prevent brand companies from improperly delaying or preventing the marketing of generic drugs against their products by misrepresenting their patents to the US Food and Drug Administration ( USFDA), Sun Pharma said in a statement.
Caraco's abbreviated new drug application ( ANDA) for generic Prandin is still awaiting approval at the USFDA. Also, a separate appeal concerning the validity of patents for Prandin is currently pending before the Court of Appeals for the Federal Circuit after a lower court ruled in favor of Caraco, Sun Pharma said.
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