Sun Pharma stock rises after US court grants relief to its arm in patent infringement case
The Sun Pharma stock rose in early trade today after its arm DUSA Pharmaceuticals received relief from a US court in a patent infringement case. The Sun Pharma stock rose up to 2.42% to Rs 424 level compared to its previous close of 414 level on the BSE.
Sun Pharma shares on Wednesday ended 2.23 per cent down at Rs 414 apiece on the BSE.
The large cap stock has gained after three days of consecutive fall.
It opened with a gain of 2.23% at Rs 423.25 on the BSE.
The stock has lost 27.43% during the last one year and fallen 26.55% since the beginning of this year.
14 of 36 brokerages rate the stock "buy" or 'outperform', 12 "hold", seven "underperform" and three "sell", according to analysts' recommendations tracked by Reuters.
The stock is trading below its 50 day and 200 day moving average of 476.90 and 565.81 on the BSE.
The Mumbai-based pharma major said its arm Massachusetts-based DUSA has been granted preliminary injunctive relief by a federal district court prohibiting defendants Biofrontera Inc, Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AGf from using its confidential and proprietary trade secret information.
Earlier this year, DUSA, which is wholly-owned by Sun Pharma, filed a lawsuit against the Biofrontera defendants in the US District Court for the District of Massachusetts.
The lawsuit alleged trade secret misappropriation and patent infringement of DUSA's photodynamic therapy patents covering its product.
DUSA, in its amended complaint filed in July 2018, additionally alleged the Biofrontera defendants misappropriated confidential and trade secret information by obtaining confidential information from its former employees to sell and market defendants' own products.
The lawsuit sought an assessment of both damages and injunctive relief against the Biofrontera defendants, Sun Pharma said.
The court's order prohibits Biofrontera from making use of or disseminating DUSA's sales and financial information, customer lists and customer target lists, training and marketing materials, standard operating procedures, technical information, and unpublished clinical data, and any derivations thereof, effective immediately, it added.
Meanwhile, the benchmark indices were trading higher on positive global cues. While the Sensex rose 392 points to 36,041, Nifty gained 72 points to 10,801.
Vedanta (2.49%), Sun Pharma (1.84%) and TCS (1.73%) were the top Sensex gainers.
Edited by Aseem Thapliyal