One of the subsidiaries of Sun Pharma has executed a settlement agreement with Novartis, stipulating a dismissal of the lawsuits filed in the United States against the company regarding submission of an Abbreviated New Drug Application for a generic version of Gleevec, the Indian drug major said in a statement.
In a development that could hasten the entry of the generic version of Gleevec into the US market, Indian drug major Sun Pharma has sued Novartis Pharmaceuticals Corp in the District Court of New Jersey, demanding rights to launch a generic version of the cancer drug before the Novartis patent expires.
Novartis markets Nilotinib globally as Tasigna, which is used as the second-line therapy for Gleevec-resistant patients in the case of chronic myelogenous leukemia.
The face of MNC drug firms in India and champion of IPR protection, he oversaw the Swiss giant's India expansion, its forays into new therapies and setting up of its global service centre in Hyderabad
Brian Druker, who invented the drug's molecule, says it would benefit patients in the short term.
Novartis' threat that it would not introduce new medicines in India after the verdict is hollow, says Anand Grover.
After spending considerable time and energy in remediation efforts in the wake of the US Food and Drug Administration's warning letter on compliance issues, the company's leadership has finally set out to bring the house in order.
Dying To Survive, on its way to becoming China's biggest box office hit, may compel the Xi Jinping government to change its policy towards Indian pharmaceutical companies, says Tarun Vijay.
Brokerages have cut the company's FY16 earnings estimates between 16% and 29% with target prices too coming down to the Rs 700-800 band
The proposed acquisition is expected to close by the end of 2014, subject to approvals from Indian Courts and the anti-trust body in India and the US
According to market experts, GST Bill, movement of the rupee and uncertain global cues amid expected rate cut by the US Fed will dictate the movement of the markets.
The United States 'is leading the world in the use of compulsory licenses, and is hypocritical in voicing indignance when developing countries issue compulsory licenses for essential drugs,' Washington-based Knowledge Ecology International, with its offices in Geneva, has alleged.
Sun Pharma expects synergy benefits by next fiscal.
Financials were the top losers while oil shares also declined amid weak crude oil prices.
The 1995 judgment in the Union of India vs Cricket Association of Bengal case emphasised that free speech is essential for a successful democracy and citizens must have a plurality of views and a range of opinions on all public issues, says M J Antony.
The Halol facility is important for the company as it accounts for 10 per cent of Sun Pharma's sales.
The unilateral pressure by US administration on India, at the behest of US Business Associations lobby through US International Trade Commission investigations and request to USTR to enlist India under Priority Foreign Country under Special 301 review, lacks legitimacy under WTO framework, the signatories to the letter said.
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