Sun Pharma To Get Rs 169 Crore In Patent Settlement With Biofrontera
Sun Pharmaceutical Industries Ltd.'s U.S. subsidiary Dusa Pharmaceuticals Inc. has agreed to settle a patent infringement lawsuit it had filed against the Biofrontera group.
In 2018, Dusa Pharma had filed claims of patent infringement, trade secret misappropriation and wrongful interference against certain Biofrontera entities in the U.S. District Court for Massachusetts.
The lawsuit alleged patent infringement of two of Dusa’s patents covering topical solution products used for photodynamic therapy. Launched in the U.S. in September 2000, the products combined a drug with a light source to treat certain disease conditions.
The lawsuit also said Biofrontera had misappropriated confidential and trade secret information from Dusa and improperly obtained confidential information from former Dusa employees to sell and market Biofrontera’s own products.
On Nov. 30, Sun Pharma said in an exchange filing that the companies have decided to settle the lawsuit. Accordingly, Dusa will receive a compensation of $22.5 million (Rs 168.9 crore).
The companies have filed the settlement notice with the District Court and the order for dismissal of litigation will be passed after 30 days, if Biofrontera complies with all terms of settlement.
Shares of Sun Pharma were trading 0.15% higher at 3:26 p.m. on Tuesday compared with the benchmark S&P BSE Sensex's 0.55% fall.