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Sun Pharmaceuticals Industries Ltd
Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln
BSE Code ISIN Demat Book Value(Rs) NSE Symbol Mar.Cap(Rs Cr.) P/E(TTM) EPS(TTM) Face Value(Rs)
524715 INE044A01036 95.2081047 SUNPHARMA 92038.49 45.34 8.46 1
Sun Pharmaceuticals Industries Ltd - Clarification / Confirmation On News Item
14-May-19   Hrs IST
This is with reference to your email(s) dated May 13, 2019 seeking clarification on the news item appeared at https://economictimes.indiatimes.com/markets/stocks/news/pharma-stocks-bleed-on-price-fixing-lawsuit-against-generic-drug-firms-in-us/articleshow/69308415.cms Sources dated May 13, 2019, titled 'Pharma stocks bleed as US states file lawsuit against generic drug firms'. We hereby submit our response as follows: a) Whether such event stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order. (Brief Details of the litigation filed against our subsidiary company). Please note that in December 2016, the Attorney General of the State of Connecticut along with the Attorneys General of various other U.S. states had filed a lawsuit in Federal Court alleging that other generic pharmaceutical companies had violated antitrust laws by fixing prices and allocating customers . On 18 June 2018, an Amended Complaint to the above law suit was filed which added allegations as to certain of our subsidiaries and additional other generic companies. On 10 May 2019, the Attorney General of the State of Connecticut and additional Attorneys General of various U.S. states filed a second lawsuit in Federal Court similarly alleging that Taro Pharmaceuticals USA, Inc. (Taro), our subsidiary, and other companies operating in the U.S. generic drug industry had violated antitrust laws by fixing prices and allocating customers. Please note that our Company, Sun Pharmaceutical Industries Limited is not named in these litigations. As we understand from our concerned subsidiaries, in their belief, the allegations made in these lawsuits against them are without merit and our concerned subsidiaries will continue to vigorously defend against them. b) The material impact of this article on the Company and the impact of the said litigation on the company (including financials). In our opinion at this juncture, this matter is not expected to have any material impact on the Companys operations or financial results of our Company. c) Whether company are aware of any information that has not been announced to the Exchanges under Regulation 30 of Listing Regulations. If so, you are advised to provide the said information and the reasons for not disclosing the same to the Exchange earlier as required under Regulation 30 of the Listing Regulations. No. Kindly let us know in case you require any further clarification.