Glenmark Pharma falls 5% intraday after court injunction on two drugs

NEW DELHI: Glenmark Pharmaceuticals Ltd slipped nearly 5 per cent in intraday trade on Monday, after Delhi high court restrained the company from manufacturing and marketing anti-diabetes drug Zita and Zita-Met, saying it has "prima facie" infringed the patent of US drug major Merck Sharp and Dohme (MSD).

The stock ended down 4.51 per cent or Rs 3 down at Rs 25.65.

A bench of justices S Ravindra Bhat and Najmi Waziri, while granting the interim injunction, said MSD "has established a prima facie case of patent infringement" by Glenmark and directed the Indian firm to give an undertaking that it will comply with the order, PTI reported.

The bench, however, on Glenmark's oral plea to allow it to sell its goods already in the market, clarified that it "may sell such of the products which are already in the market i.e in possession of its distributors and retailers", added the report.