Mumbai-based Sun Pharmaceutical Industries Limited on Thursday (July 24) announced that its subsidiaries, Sun Pharmaceutical Industries, Inc. (SPII) and Taro Pharmaceuticals U.S.A., Inc. (Taro), have entered into a settlement agreement in the ongoing In re Generic Pharmaceuticals Pricing Antitrust Litigation in the Eastern District of Pennsylvania, US.Under the agreement, Sun Pharmaceutical Industries, Inc. and Taro will make a combined payment of $200 million in exchange for a full release of all claims brought against them by the End Purchaser Plaintiffs. The release extends to all of their current and former parents, affiliates, predecessors, successors, directors, officers, employees, and representatives.
The final settlement amount is subject to adjustment depending on the percentage of class members who choose to opt out of the class. Sun Pharmaceutical Industries clarified that the agreement does not involve any admission of wrongdoing and remains subject to court approval.
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Last month, Sun Pharmaceutical Industries announced the US launch of LEQSELVI (deuruxolitinib) 8 mg tablets for the treatment of adults with severe alopecia areata. The drug is now available nationwide to healthcare providers and eligible patients.The launch follows a recently announced settlement and license agreement with Incyte Corporation, resolving ongoing litigation in the United States District Court for the District of New Jersey. The companies will now seek dismissal of the case before the court.
The final settlement amount is subject to adjustment depending on the percentage of class members who choose to opt out of the class. Sun Pharmaceutical Industries clarified that the agreement does not involve any admission of wrongdoing and remains subject to court approval.
Also Read: Sun Pharma to ramp up specialty play, eyes more acquisitions
Last month, Sun Pharmaceutical Industries announced the US launch of LEQSELVI (deuruxolitinib) 8 mg tablets for the treatment of adults with severe alopecia areata. The drug is now available nationwide to healthcare providers and eligible patients.The launch follows a recently announced settlement and license agreement with Incyte Corporation, resolving ongoing litigation in the United States District Court for the District of New Jersey. The companies will now seek dismissal of the case before the court.
Under the agreement, Sun has obtained a limited, non-exclusive license to U.S. Patent No. 9,662,335 and related patents from Incyte, specifically for non-haematology-oncology indications, including alopecia areata. Sun will make an upfront payment to Incyte and pay ongoing royalties until the patent expires. Other terms of the settlement and license agreement remain confidential.
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Shares of Sun Pharmaceutical Industries Ltd ended at ₹1,692.10, up by ₹9.50, or 0.56%, on the BSE.
