Sun Pharma spikes as subsidiary gets relief in patent case

Sun Pharma’s arm, the Massachusetts based DUSA Pharmaceuticals, has been awarded a preliminary injunctive relief from the US court in the case of patent contravention.

DUSA is July 2018 filed a lawsuit against the Biofrontera defendants earlier this year with the US District Court for the District of Massachusetts. The lawsuit alleges of a trade secret misappropriation and patent infringement of DUSA’s photodynamic therapy (PDT) patents. DUSA had additionally alleged that the defendants embezzled confidential and trade secret information from DUSA and wrongly obtained confidential DUSA information from former DUSA employees to sell and market defendants’ own products.

DUSA has now been granted preliminary injunctive relief by the federal district court prohibiting defendants Biofrontera Inc, Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AGf from using its confidential and proprietary trade secret information.

Reacting positively to this development, the stocks of Sun Pharma opened at Rs. 423.25 per share against Wednesday’s close of Rs. 414 per share on the BSE. At 11:25 hours, the stock was trading at Rs 417.75, up by 0.91 per cent and reached an intraday high of Rs. 424 and an intraday low of Rs 416.25. The 52-week high was 678.80 and 52 week low was 391.10 per share.

Meanwhile, the BSE Sensex was at 35,924.40, up by 0.77 per cent on Thursday.