Claris Lifesciences, one of the largest sterile injectables pharmaceutical companies in India, has reached a settlement and license agreement, ending all pending litigation with Fresenius Kabi USA, Inc. With reference to the alleged infringement of a patent relating to Propofol for injection, 10mg/ml, which is a generic version of DIPRIVAN.

Under the terms of the settlement and license agreement, Claris and Claris Lifesciences Inc. (USA) has been granted approval to sell its generic version of Propofol for injection beginning Oct. 15, 2016, prior to the Jun. 1, 2025 expiry of the patent that formed the basis of the litigation.

According to IMS health data as of June 2014, Propofol injection had an annual market size of approximately USD 251 million in the USA.

Shares of the company gained Rs 18, or 5.83%, to trade at Rs 327. The total volume of shares traded was 353,914 at the BSE (10.30 a.m., Monday).