Sun Pharma arm DUSA to get $22.5 mn from Biofrontera for settlement of litigation

Sun Pharmaceutical Industries Limited had earlier announced that DUSA Pharmaceuticals, Inc., ("DUSA"), a wholly owned subsidiary of the company, filed a lawsuit against Biofrontera Inc., Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AG (together "Biofrontera"), in the United States District Court for the District of Massachusetts, alleging misappropriation of trade secrets, tortious interference of contract and unfair trade practices (the " Litigation").

DUSA has now reached a settlement with Biofrontera resolving the Litigation. Pursuant to the terms of the settlement, DUSA will receive US$22.5 millions from Biofrontera. Additional details regarding the settlement are confidential.

As required by law, the parties have filed a notice of settlement with the U.S. District Court, and, after thirty days, if Biofrontera complies with the terms of settlement agreement, the U.S. District Court will enter an order dismissing the Litigation.

Shares of Sun Pharmaceutical Industries Limited was last trading in BSE at Rs. 750.80 as compared to the previous close of Rs. 766.35. The total number of shares traded during the day was 112330 in over 4414 trades.

The stock hit an intraday high of Rs. 775.50 and intraday low of 749.30. The net turnover during the day was Rs. 85349657.00.

Source : Equity Bulls

Keywords

SunPharmaceuticalIndustriesLimited INE044A01036 SUNPHARMA Pharmaceuticals Litigation Settlement DUSA Biofrontera