Sun Pharma shares in focus after $200 million settlement in US drug pricing case
Sun Pharmaceutical Industries
will be in focus on Friday after the company announced that two of its subsidiaries –
Sun Pharmaceutical Industries
Inc. (SPII) and Taro Pharmaceuticals U.S.A. Inc. (Taro) – have agreed to pay $200 million to settle an
antitrust case
in the US.
The settlement is part of the ongoing In re Generic Pharmaceuticals Pricing Antitrust Litigation in the Eastern District of Pennsylvania. The payment will secure a full release of all claims brought by the End Purchaser Plaintiffs against SPII, Taro, and their current and former affiliates, directors, officers, and employees.
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Sun Pharma
clarified that the settlement does not involve any admission of wrongdoing and is still subject to court approval.
In June, Sun Pharma launched LEQSELVI (deuruxolitinib) 8 mg tablets in the US for adults with severe alopecia areata. The rollout follows a settlement and licensing agreement with Incyte Corporation, ending litigation in the District Court of New Jersey.
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As part of that agreement, Sun Pharma obtained a limited, non-exclusive license to certain Incyte patents for non-oncology indications, including alopecia areata. The company will pay an upfront fee and ongoing royalties to Incyte. Other financial terms remain confidential.
Sun Pharma share price target
According to Trendlyne, the average target price for Sun Pharma is Rs 1,974, implying an upside of 17% from current levels. Out of 36 analysts tracking the stock, the majority maintain a 'Buy' rating.
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Sun Pharma shares
closed 0.56% higher at Rs 1,692.1 on BSE on Thursday, outperforming the 0.66% drop in the Sensex. However, the stock is down 10% year-to-date and has declined 7% in the last six months.
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