Glenmark Pharmaceuticals Ltd BSE -0.53 % slipped nearly 5 percent in intraday trade on Monday, after Delhi high court restrained the company from manufacturing and marketing anti-diabetes drug Zita and Zita-Met, saying it has “prima facie” infringed the patent of US drug major Merck Sharp and Dohme (MSD).
A bench of justices Ranjan Gogoi and N.V. Ramana agreed to consider the dispute between Glenmark and US-based Merck Sharp and Dohme Corp. On 28 April.
Reacting to the development, shares of the company today opened on a bearish note at Rs 811.10, then fell 4.92% to touch an intra-day low of Rs 790. At the end of today’s trading session the stock closed at Rs 793.45, down 4.51% on the BSE.
It further said that “the company is seeking legal advice on the next steps and will take appropriate action.”The bench, however, on Glenmark’s oral plea to allow it to sell its goods already in the market, clarified that it “may sell such of the products which are already in the market i.e in possession of its distributors.