Aurobindo Pharma and Dr Reddy's drag Nifty Pharma in wake of patent infringement case by Pfizer

The US drugmaker has filed a patent infringement case in the District of Delaware against Aurobindo in a district court.

Nov 18, 2020 08:11 IST India Infoline News Service

Pharma stocks were underperforming on Wednesday's trading session, following the benchmark indices bearish trend.

Nifty Pharma shed 1.20% or 140.10 pts and fell down to 11,688.50 levels at around 1.40pm. The top gainer on the index, Alkem Laboratories gained by 0.58%, while Divi's Lab followed its lead by trading up by 0.23% hovering near its 52 week high.

Aurobindo Pharma emerged as the top loser on the index, falling by 2.50% or 21.35 pts, dragging the NSE index. Dr Reddy's was the next top loser, shedding by 1.91% or 91.15 pts. This underperformance comes in the wake of a petition being filed by Pfizer Inc and its group companies in a US court. 
 
Pfizer alleges that the two Indian companies planned to come out separately with their generic version of palbociclib called Ibrance, before the expiry of its patent. The US drugmaker has filed a patent infringement case in the District of Delaware against Aurobindo in a district court. While it has filed a case in the New Jersey Court against Dr Reddy's.

Lupin, Sun Pharma and Biocon too were trading down by 1% each in the afternoon trade.

Related Story