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Sun Pharma share rises over 4% after US arm Taro Pharma resolves antitrust probe

Sun Pharma stock trades higher than 20, 50, 100 and 200-day but lower than 5-day moving averages. Sun Pharma shares have risen 0.21% in one month and 12% since the beginning of the year 2020

twitter-logoBusinessToday.In | July 24, 2020 | Updated 17:53 IST
Sun Pharma share rises over 4% after US arm Taro Pharma resolves antitrust probe
Market capitalisation of the firm stood at Rs 1,18, 359 crore as of today's closing session

Shares of Sun Pharmaceutical Industries gained over 4% in Friday's early session after its US subsidiary Taro Pharma resolved all cases in connection with the multi-year anti-trust investigations by US Department of Justice (DoJ), Antitrust and Civil divisions.

Taro Pharmaceutical Industries reached an agreement to pay more than $200 million, for settling generic drug price-fixing allegations against the company.

Following the update, shares of Sun Pharmaceutical Industries opened with a gain of 2.92% and later touched an intraday high of Rs 496.2, rising 4.22%  against the last closing of Rs 476.10 on BSE.

Sun Pharma stock trades higher than 20, 50, 100 and 200-day but lower than 5-day moving averages. Sun Pharma shares have risen 0.21% in one month and 12% since the beginning of the year 2020.

Market capitalisation of the firm stood at Rs 1,18, 359 crore as of today's closing session.

"Taro Pharmaceutical Industries has announced that its wholly-owned subsidiary, Taro Pharmaceuticals USA Inc., has resolved all cases involving the Company in connection with the multi-year investigations by the Department of Justice, Antitrust Division and Civil Division into the US generic pharmaceutical industry," Sun Pharma said in a press filing.

"The company has also reached a framework understanding with the DOJ Civil Division, subject to final agreement and agency authorisation, in which the company has agreed to pay $213.3 million (approx Rs 1,599 crore) to resolve all claims related to federal healthcare programs," it added later.

Taro Pharmaceutical Industries also said it was discussing a separate Corporate Integrity Agreement with the Office of Inspector General in the US Department of Health and Human Services.

Shares of Sun Pharmaceutical Industries closed 1.95% higher at Rs 485.40 on BSE today.

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