BackUS court rejects Glenmark’s patent plea; stock falls 4.21%
A US court ruled against Glenmark in a patent litigation over skin care drug
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Mumbai: Shares of Glenmark Pharmaceuticals Ltd fell 4.21% on BSE, following reports that the US court has ruled against Glenmark in a patent litigation over skin care drug.
Reuters reported that Glenmark’ proposed generic version of Bayer AG’s Finacea, a gel for treating the common skin condition rosacea, infringes Bayer’s patent.
The federal court in Wilmington, Delaware said Glenmark’s proposed gel would be absorbed into the skin in a similar way to Finacea, violating Bayer’s patent, Reuters reported.
Germany’s Bayer sued Glenmark in 2013 after the latter filed an application to market a copycat version of the $95 million drug in the US.
As on December, Glenmark filed 39 paragraph IV ANDA filings with a market size of $16 billion, according to IMS Health data.
Glenmark’s current portfolio consists of 99 products authorized for distribution in the US marketplace and 66 ANDAs pending approval with the US FDA, according to the company website. For FY14, US market contributed 34% of the total revenue.
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