Sun Pharma settles Novartis lawsuit over drug

Sun Pharma's subsidiary holds a tentative approval from the US Food and Drug Administration for a generic version of Gleevec.

Sun Pharmaceutical Industries Ltd  said it was allowed to launch a generic version of Novartis ' leukemia drug Gleevec in the United States on Feb. 1, 2016, under a settlement agreement between the two companies.

The other terms of the agreement are confidential, Sun Pharma said in a statement on Thursday.

Sun Pharma's subsidiary holds a tentative approval from the US Food and Drug Administration for a generic version of Gleevec. As per IMS data, Gleevec had annual sales of about USD 2 billion in the United States, Sun said.

Also read:  Sun denies insider trading by arm ahead of Ranbaxy deal

Sun Pharma stock price

On May 13, 2014, Sun Pharmaceutical Industries closed at Rs 610.20, down Rs 2.9, or 0.47 percent. The 52-week high of the share was Rs 653.10 and the 52-week low was Rs 458.00.

The company's trailing 12-month (TTM) EPS was at Rs 0.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 642.32. The latest book value of the company is Rs 41.64 per share. At current value, the price-to-book value of the company is 14.65.

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