Glenmark shares fell as much as 5 per cent today after it announced that it has lost an appeal against Sanofi-Aventis SA and Abbott Lab. The global drugmakers had sought to halt Glenmark's sales of a generic version of their hypertension medicine Tarka.
Sanofi's patent on Tarka expires in February 2015, but Glenmark argued that the patent covered an invention that was protected by an expired patent.
After receiving the US Food and Drug Administration's approval to market the copy, Glenmark notified Sanofi and Abbott that it wouldn't wait for the results of the trial. It began sales of generic Tarka in June 2013.
Abbott, which paid $290 million for an exclusive license to Tarka, was seeking $25 million as compensation for profit it lost because of Glenmark's sale of the generic drug. Paris-based Sanofi owns the patent on Tarka, first approved by drug regulators in 1996.
Sanofi's patent on Tarka expires in February 2015, but Glenmark argued that the patent covered an invention that was protected by an expired patent.
After receiving the US Food and Drug Administration's approval to market the copy, Glenmark notified Sanofi and Abbott that it wouldn't wait for the results of the trial. It began sales of generic Tarka in June 2013.
Abbott, which paid $290 million for an exclusive license to Tarka, was seeking $25 million as compensation for profit it lost because of Glenmark's sale of the generic drug. Paris-based Sanofi owns the patent on Tarka, first approved by drug regulators in 1996.