Comments
Sun Pharma shares rallied over 2 per cent in intra-day trade on Thursday after the company said its US arm had been granted relief in a patent infringement case.
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, Sun Pharmaceutical Industries said in a regulatory filing on Wednesday.
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and customer target lists, training and marketing materials, standard operating procedures, technical information, and unpublished clinical data, and any derivations thereof, effective immediately, it added.
On Thursday, Sun Pharma shares opened higher at Rs 423.25 and hit a high of Rs 424 on the BSE. By end of trade, the stock erased all its gains and ended down 0.41 per cent at Rs 412.30.
On Wednesday, Sun Pharma shares had ended 2.23 per cent down at Rs 414 apiece on the BSE.
(With inputs from PTI)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.