Sun Pharmaceutical Industries Limited
Sun Pharmaceutical Industries Limited has filed a regulatory disclosure under Regulation 30 of SEBI LODR Regulations providing a significant update on longstanding antitrust litigation in the United States.
Nature of the Disclosure: Legal outcome update regarding US antitrust litigation.
Case Background: The company and certain of its subsidiaries have been defendants in antitrust litigation in the United States relating to a 2008 patent litigation settlement agreement with Pfizer concerning generic Lipitor (Atorvastatin). Plaintiffs alleged that this settlement unlawfully delayed generic competition for Lipitor, claiming that absent the settlement, generic Lipitor would have entered the market earlier than it did. This matter has been previously disclosed in the company's financial statements.
Legal Development: The United States Court of Appeals for the Third Circuit has affirmed the order of the United States District Court granting summary judgment in its entirety in favor of Sun Pharmaceutical Industries Limited and its subsidiaries. The Appellate Court has also affirmed the District Court's orders denying class certification as to the plaintiffs.
Impact and Status: This decision represents a significant favorable development for the company and its subsidiaries in the matter. The ruling brings the litigation substantially to a close, subject to any further remedies that may be available to the plaintiffs under applicable law.
Regulatory Reference: This intimation is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.