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| Sun Pharma Hits Record High on Settlement of Patent Infringement Litigation |
Shares of Sun pharma jumped over 9 per cent to hit fresh 52-week high of Rs 1,181 on Monday after the company said that it has settled a law suit with The Medicines Company, USA relating to its US patents for the generic drug Angiomax.
As per the terms of the settlement, Sun Pharma's subsidiary is entitled to launch its version of generic Angiomax in USA on June 30, 2019 or earlier under limited circumstances.
Analyst say the drug has an estimated market size of $635 million.
Meanwhile, Ranbaxy which was merged into Sun Pharma stopped trading on the exchanges from today. Shareholders of Ranbaxy will get 0.8 share of Sun Pharma for one share of Ranbaxy.
The company had fixed April, 7 2015 as the record date in order to determine the entitlement of shareholders to get the shares of Sun Pharma.
Sun Pharma ended 8.95 per cent higher at Rs 1,178 apiece, outperforming the broader Nifty, which closed 0.86 per cent higher on Monday.
Source: NDTV
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