Shares of Glenmark Pharmaceuticals Ltd surged 3.5% to hit a day’s high of Rs 1,354.85 on 24th February, after the company denied allegations in multiple lawsuits against it and its US subsidiary but agreed to settle the matter with plaintiffs Humana, Centene, and Kaiser for $7 million.
Multiple antitrust and consumer protection lawsuits, including a class action, were consolidated in Virginia, US, against Glenmark and its subsidiary over generic Zetia, a cholesterol drug.
Four lawsuits also involved Vytorin, a Zetia combination drug for cholesterol treatment.
The lawsuits alleged that Glenmark made an anti-competitive agreement in 2010 to settle a patent dispute over ezetimibe, Zetia’s active ingredient, with Schering Corporation and MSP Singapore.
Glenmark was named a defendant alongside companies like Schering Corporation, MSP Singapore, and Merck & Co., denying the allegations.
In 2023, Glenmark settled with three plaintiff groups while others opted out, sending the remaining lawsuits back to their original jurisdictions.
Glenmark agreed to settle with Humana, Centene, and Kaiser for $7 million to avoid uncertainty while denying all allegations and liability.
At 12:48 PM, the shares of Glenmark Pharma were trading 3.36% higher at Rs 1,344.50 on NSE.
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