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Sun Pharmaceutical, subsidiary enter settlements in Modafinil antitrust litigation


Sun Pharmaceutical, subsidiary enter settlements in Modafinil antitrust litigation

New Delhi: Drug major Sun Pharmaceutical Industries on Monday said the company along with its subsidiary has entered into settlements with certain plaintiffs in the Modafinil antitrust litigation pending in the US District Court for the Eastern District of Pennsylvania. The company, however, did not disclose the details of the settlement, saying the terms are confidential.

In a regulatory filing, Sun Pharma said, “the settlements extend to all claims brought by the Direct Purchaser Plaintiffs”.

The company “and one of its wholly-owned subsidiaries have entered into settlements with certain plaintiffs in the ‘In re Modafinil Antitrust Litigation’ matter pending in the United States District Court for the Eastern District of Pennsylvania,” Sun Pharma said in a filing to the BSE.

Earlier in a regulatory filing on the quarterly results on November 13, 2018, the pharma major had reported a consolidated net loss of Rs 218.82 crore for the July-September quarter on account of a Rs 1,214-crore provision for the settlement of the Modafinil antitrust case in the US.

“After accounting for the provision of Rs 1,214 crore for the estimated settlement amount payable to all the remaining plaintiffs related to the Modafinil antitrust litigation in the US, the net loss for the quarter was at Rs 219 crore,” Sun Pharma had said.

Modafinil is a wakefulness-promoting drug for oral administration. Modafinil is sold under the brand name Provigil among others, is a medication to treat sleepiness due to narcolepsy or chronic sleep disorder that causes overwhelming daytime drowsiness.

Also Read: Sun Pharma expects normalisation of India business in Financial year-2019



Source: PTI
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