AstraZeneca's shares rocket on settling with Ranbaxy over ulcer drug Nexium
Anglo-Swedish drug major AstraZeneca has settled the patent infringement litigation over its blockbuster gastrointestinal drug Nexium (esomeprazole) with India's Ranbaxy Laboratories. News of the deal, announced on April 15, saw the London-headquartered firm's share price leap 11%.
Under the agreement, Ranbaxy has conceded that all six patents asserted by AstraZeneca in the litigation are valid and enforceable. Ranbaxy also accepted that four of the patents would be infringed by the unlicensed sale of its proposed generic product. The deal will allow the Indian drug company to commence sales of a generic version of Nexium in the USA under a licence from AstraZeneca on May 27, 2014.
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