Sun Pharmaceutical Industries said that the company and certain of the company's subsidiaries have executed a settlement agreement with 'The Medicines Company USA' settling the lawsuit filed against the company and the company's subsidiaries regarding submission of abbreviated new drug application (ANDA) by one of the company's subsidiaries, for a generic version of Angiomax, Bivalirudin injection. This product is a direct thrombin inhibitor indicated for use as an anticoagulant. Under the terms of the settlement agreement, the company's subsidiary is entitled to launch its version of Angiomax in the United States on 30 June 2019, or earlier in certain limited circumstances. The agreement is subject to customary regulatory review, Sun Pharmaceutical Industries said.
Meanwhile, trading in shares of Ranbaxy Laboratories was suspended from today, 6 April 2015 as the swap ratio of Ranbaxy Laboratories and Sun Pharmaceutical Industries became effective after Sun Pharmaceutical Industries completed the merger of Ranbaxy Laboratories with itself.
Sun Pharmaceutical Industries has set 7 April 2015 as the record date in order to determine the names of the shareholders of Ranbaxy Laboratories who would be entitled to receive 8 shares of Re 1 each of the company for every 10 equity shares of Rs 5 each of Ranbaxy Laboratories. In April 2014, Sun Pharmaceutical Industries had acquired Ranbaxy Laboratories in $4 billion landmark transaction.