Glenmark Pharma falls over 4% after court injunction on two drugs
Monday, March 23, 2015
Glenmark Pharmaceuticals Ltd slipped as much as 4.02 per cent in trade on Monday, after Delhi high court restrained the company from manufacturing and marketing anti-diabetes drug Zita and Zita-Met, saying it has "prima facie" infringed the patent of US drug major Merck Sharp and Dohme (MSD).
At 09:38 a.m.; Glenmark Pharmaceuticals was trading 2.5 per cent lower at Rs 810. It hit a low of Rs 797.50 and a high of Rs 822.40 in trade today.
A bench of justices S Ravindra Bhat and Najmi Waziri, while granting the interim injunction, said MSD "has established a prima facie case of patent infringement" by Glenmark and directed the Indian firm to give an undertaking that it will comply with the order, PTI reported.
The bench, however, on Glenmark's oral plea to allow it to sell its goods already in the market, clarified that it "may sell such of the products which are already in the market i.e in possession of its distributors and retailers", added the report.
economictimes.indiatimes.com
