Shares of drug maker Sun Pharma are trading higher by nearly 2% to Rs 913 on the BSE after Ranbaxy Pharmaceuticals, its US subsidiary,and its partners Cipher Pharmaceuticals Inc. (Cipher) and Galephar Pharmaceutical Research, Inc. (Galephar) settled a patent litigation with Actavis over the generic version of Absorica, a drug used to treat acne Absorica (isotretinoin capsules).
Under the agreement, Ranbaxy and its partners along with Actavis entered into a non-exclusive pact which will permit Actavis to sell the generic version of Absorica in December 2020 which is nine months before the expiry of patent.
Earlier, Sun Pharma had made a tender offer to acquire US-based eyecare firm InSite Vision for USD 0.35 per share in cash.
The stock opened at Rs 909.90 and touched a high of Rs 915.90 on the BSE. A total of 114,802 shares changed hands on the BSE so far.