Sun Pharma Advanced Research Co Ltd (SPARC) jumped over 6 per cent on Monday afternoon after the company announced Abraxis Bioscience LLC has dismissed the patent infringement complaint filed against the company regarding the New Drug Application for PICS (Paclitaxel Injection Concentrate for Suspension).
“We are very pleased that Abraxis Bioscience LLC has withdrawn its infringement claims paving the way for a successful launch as and when we receive necessary regulatory approvals,” Sun Pharma Advanced Research Company Ltd CEO Anil Raghavan said.
SPARC will also inform the USFDA of the dismissal of the complaint to vacate the 30-month stay, the filing added.
Shares of SPARC was trading at Rs 163.25, up 6.24 per cent on BSE at 1400 hours.
SPARC is focused on research and experiments aimed to develop natural sciences and engineering. The company operates through pharmaceuticals research and development segment.
(With input from agencies)