Sun Pharmaceutical Industries Limited and its subsidiaries have received a favorable judgment from the United States Court of Appeals for the Third Circuit. The court affirmed a prior decision granting summary judgment in favor of the company in the Lipitor antitrust litigation. This outcome significantly brings the matter to a close, reducing legal uncertainties for the company and its shareholders.
Favorable Litigation Outcome
Sun Pharmaceutical Industries Limited (Sun Pharma) announced a significant positive development in the antitrust litigation concerning the generic Lipitor (Atorvastatin). The United States Court of Appeals for the Third Circuit has affirmed the order of the United States District Court, which had granted summary judgment entirely in favor of Sun Pharma and its subsidiaries.
Class Certification Denied
In addition to affirming the summary judgment, the Appellate Court also upheld the District Court’s previous orders denying class certification as to the plaintiffs. This dual affirmation represents a substantial favorable outcome for Sun Pharma, effectively bringing the prolonged litigation substantially to a close. While plaintiffs may have further remedies available under applicable law, this decision marks a critical positive step for the company.
Background of Litigation
The litigation stemmed from allegations that a 2008 patent litigation settlement agreement with Pfizer unlawfully delayed generic competition for Lipitor. Plaintiffs contended that generic competition would have occurred earlier in the market absent the settlement. The company has previously disclosed this matter in its financial statements over time.
Source: BSE
