Alembic Pharmaceuticals soars on patent settlement case with Novartis
Shares of Alembic Pharma surged by over 4% after the co said it along with Breckenridge Pharma Inc, USA has settled a patent case with Novartis.
By PTI | Updated:
MUMBAI: Shares of Alembic Pharmaceuticals today surged by over 4 per cent after the company said it along with Breckenridge Pharmaceutical Inc, USA has settled a patent case with Novartis.
Shares of the company closed 4.58 per cent up at Rs 53.70 apiece on the BSE. During the day, the stock gained 7.59 per cent to Rs 55.25.
On the NSE, the scrip rallied 4.07 per cent to Rs 53.70. In terms of volume, 2.21 lakh shares changed hands on the BSE, while 2.57 lakh shares were traded on the NSE.
The companies have settled their Paragraph IV patent litigation with Novartis for Rivastigmine Tartrate capsules which are a generic version of Exelon capsules of Novartis, Alembic Pharmaceuticals said in a filing to the BSE.
Under the terms of the settlement agreement, Novartis has granted the two companies a licence to market their generic capsules before the date of the patent expiry, it added.
Rally in the stock was in line with the bullish broader market where the BSE benchmark Sensex ended the day at 16,949.83, up 271.95 points.
Shares of the company closed 4.58 per cent up at Rs 53.70 apiece on the BSE. During the day, the stock gained 7.59 per cent to Rs 55.25.
On the NSE, the scrip rallied 4.07 per cent to Rs 53.70. In terms of volume, 2.21 lakh shares changed hands on the BSE, while 2.57 lakh shares were traded on the NSE.
The companies have settled their Paragraph IV patent litigation with Novartis for Rivastigmine Tartrate capsules which are a generic version of Exelon capsules of Novartis, Alembic Pharmaceuticals said in a filing to the BSE.
Under the terms of the settlement agreement, Novartis has granted the two companies a licence to market their generic capsules before the date of the patent expiry, it added.
Rally in the stock was in line with the bullish broader market where the BSE benchmark Sensex ended the day at 16,949.83, up 271.95 points.
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