According to a stock exchange filing, Sun Pharmaceutical Industries Ltd announced on Friday (September 11) that its subsidiaries have reached a settlement agreement with a plaintiff in the In re Generic Pharmaceuticals Pricing Antitrust Litigation in the US. The settlement involves Sun Pharmaceutical Industries Inc. (SPII), Taro Pharmaceutical Industries Ltd and Taro Pharmaceuticals U.S.A. Inc. The litigation is currently before the Eastern District of Pennsylvania, US.
Under the confidential settlement agreement, the subsidiaries will make the settlement payment in exchange for a full release of all claims asserted against them in the action. The release extends protection to their current and former parents, affiliates, predecessors and successors, as well as their current and former directors, officers, employees and representatives. According to the filing, other terms of the settlement remain confidential.
As reported by the exchange filing, the agreement was entered into without admission of any wrongdoing in the antitrust action. This means the settlement does not constitute an admission of liability or guilt by the subsidiaries in the pricing antitrust litigation. The confidential nature of the settlement terms suggests the parties have agreed to keep the financial and legal details private.
According to market data, shares of Sun Pharmaceutical Industries Ltd ended at ₹1,842.00, down by ₹22.00, or 1.18%, on the BSE following the announcement. The stock decline occurred despite the settlement, which represents a resolution of the US antitrust litigation involving the company's subsidiaries.
