Sun Pharma Advanced Slips 3% After US Firm Alleges Infringement Of Patent

Shares of Sun Pharma Advanced Research Company declined more than 3 percent in the early trade on August 21 after a US firm filed a complaint against the company in the US District Court.

A complaint has been filed by Abraxis Biosciences LLC in the US District Court alleging that SPARC’s filing of New Drug Application (NDA) for Taclantis injection (Paclitaxel Injection Concentrate for Suspension) is an act of infringement of the Orange Book listed patents for Abraxane, as per company release.

The company believes that this lawsuit is without merit and will vigorously defend it.

At 0926 hrs, Sun Pharma Advanced Research Company was quoting at Rs 151.70, down Rs 2.50, or 1.62 percent on the BSE.

The share touched its 52-week high of Rs 413.40 and its 52-week low of Rs 107 on 31 August 2018 and 9 July 2019, respectively.

Currently, it is trading 63.13 percent below its 52-week high and 42.43 percent above its 52-week low. – Money Control