Glenmark Pharma wins patent suit against Abbott; stock gains

MUMBAI: Shares of Glenmark Pharma moved higher in early trade after the company won patent suit against US pharma major Abbott Biotechnology.

According to reports, the patent office set aside its earlier order that granted a patent to Humira drug, used for treatment of severe forms of arthritis.

Glenmark Pharamceuticals had filed a pre-grant opposition in September 2008 after Abott was granted a patent to Humira drug.

“The Company has no plans in the near future to launch this product in India,” the company said in a filing to stock exchanges.

At 09:45 a.m.; the stock was at Rs 733.25, up 2.03 per cent, on the BSE. It touched a high of Rs 744 and a low of Rs 726.20 in early trade.