Sun Pharmaceutical Industries, an international, integrated, speciality pharmaceutical company,  announced the settlement of Absorica patent litigation.

The company said, "Ranbaxy Pharmaceuticals, a wholly-owned subsidiary, along with its partners, Cipher Pharmaceuticals and Galephar Pharmaceutical Research have entered into a settlement agreement with Actavis Group."

"As part of the settlement agreement, Ranbaxy, Cipher, and Galephar have entered into a non-exclusive license agreement with Actavis under which Actavis may begin selling its generic version of Absorica in the U.S. on Dec 27, 2020 approximately nine months prior to the expiration of the patents in September 2021 or earlier under certain circumstances," it added.

The Actavis group have dismissed the patent litigation suit relating to Actavis abbreviated new drug application (ANDA) for a generic version of Absorica capsules.

Keeping other terms of the agreement confidential, Sun Pharma said that the settlement agreement is subject to review by the U.S. Federal Trade Commission and the U.S. Department of Justice.

Shares of the company gained Rs 7.45, or 0.84%, to settle at Rs 898.20. The total volume of shares traded was 117,237 at the BSE (Monday).