At 9:55 am, the shares of Cipla were trading at Rs 784.75, up 3.89per cent. on the BSE.
Cipla shares gained nearly 5 per cent to top the gainers list on the BSE after the pharma major announced settlement of its patent litigation with Celgene Corporation, a wholly-owned subsidiary of Bristol Myers Squibb, in the United States. The shares of Cipla touched an intra-day high of Rs 792.80, up 4.8 per cent in early trading on the back of the news development. At 9:55 am, the shares of Cipla were trading at Rs 784.75, up 3.89 per cent. on the BSE.
As part of the settlement, the parties will file consent judgments with the United States District Court for the District of New Jersey that enjoin Cipla from marketing generic lenalidomide before the expiration of the patents-in-suit, except as provided for in the settlement, Cipla said in a regulatory filing to the stock exchanges.
In settlement of all outstanding claims in the litigation, Celgene has agreed to provide Cipla with a license to Celgene’s patents required to manufacture and sell certain volume-limited amounts of generic lenalidomide in the United States beginning some time after March 2022, Cipla added.
The BSE Sensex was at 46,218.88, higher by 124.43 points or 0.28 per cent and the NSE Nifty was at 13,550.95, up 37.40 points or 0.28 per cent at the time.