Ranbaxy, GlaxoSmithKline settle Valtrex dispute
Ranbaxy reaches an agreement with GlaxoSmithKline to settle their dispute over a US patent covering Valtrex.
By Agencies |
NEW DELHI: Generic drugmaker Ranbaxy Laboratories Ltd on Thursday said it has reached an agreement with GlaxoSmithKline PLC to settle their dispute over a US patent covering the British company's herpes pill Valtrex.
Under the agreement, Ranbaxy will introduce its generic copies of Valtrex in the US in the latter part of 2009 and will have 180 days of exclusivity to sell the product there, Ranbaxy said in a statement.
The agreement paves the way for GlaxoSmithKline to drop a 2003 lawsuit against Ranbaxy, that was filed in a US court to prevent it from selling generic copies of Valtrex.
The news lifted Ranbaxy shares by 7.3 per cent to Rs 366 in intraday trading Thursday.
Sales of Valtrex - which was first introduced in 1995 to treat genital herpes, cold sores and shingles - totaled about $1.3 billion last year.
Its patent is due to expire in 2009 in the United States and most of Europe.
Ranbaxy received final approval from the US Food and Drug Administration to manufacture and market generic Valtrex in February this year.
Under the agreement, Ranbaxy will introduce its generic copies of Valtrex in the US in the latter part of 2009 and will have 180 days of exclusivity to sell the product there, Ranbaxy said in a statement.
The agreement paves the way for GlaxoSmithKline to drop a 2003 lawsuit against Ranbaxy, that was filed in a US court to prevent it from selling generic copies of Valtrex.
The news lifted Ranbaxy shares by 7.3 per cent to Rs 366 in intraday trading Thursday.
Sales of Valtrex - which was first introduced in 1995 to treat genital herpes, cold sores and shingles - totaled about $1.3 billion last year.
Its patent is due to expire in 2009 in the United States and most of Europe.
ADVERTISEMENT
Ranbaxy received final approval from the US Food and Drug Administration to manufacture and market generic Valtrex in February this year.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
