Sun Pharma arm DUSA Pharma to get Rs 170 crore in settlement with Biofrontera
New Delhi: Sun Pharmaceutical Industries on Tuesday said its arm DUSA Pharmaceuticals Inc has reached settlement with Biofrontera to resolve a litigation over misappropriation of trade secrets and unfair practice, following which DUSA will receive USD 22.5 million (nearly Rs 170 crore).
In 2018, DUSA Pharmaceuticals had filed a suit at the US District Court of Massachusetts against Biofrontera Inc Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AG (together known as Biofrontera) alleging "misappropriation of trade secrets, tortious interference of contract and unfair trade practices".
"We would like to update you that DUSA has reached a settlement with Bionfrontera resolving the litigation. Pursuant to the terms of the settlement, DUSA will receive USD 22.5 million from Biofrontera," Sun Pharma said in a regulatory filing.
The homegrown pharma major, however, did not disclose details of the settlement saying "additional details regarding the settlement are confidential".
The company further said as required by law the parties have filed a notice of settlement with the US District Court and after 30 days if Biofrontera complies with the terms of the settlement agreement, the court will enter an order dismissing the litigation.
DUSA's lawsuit against Biofrontera pertained to alleged trade secret misappropriation and patent infringement of its photodynamic therapy patents covering the company's product, Levulan Kerastick (aminolevulinic acid HCl) for topical solution, used in the treatment of actinic keratoses -- rough, scaly patch on the skin that develops from years of sun exposure.
Read also: Sun Pharma to launch Molnupiravir under brand name Molxvir in India
Next Story