Panacea Biotec share price touched its 52-week high of Rs 349.79 per share on the NSE after the company announced that it has entered into a settlement agreement with Sanofi Healthcare India over patent dispute.
Panacea Biotec and Sanofi Healthcare India have entered into the settlement agreement on dispute over a patent infringement for hexavalent vaccine. The company in an exchange filing, said “the parties have reached a settlement agreement, and pursuant to the joint application filed by the Parties, the said suit has been disposed of by the Hon’ble Delhi High Court on September 13, 2024, in terms of the settlement agreement entered between the Parties.”
The dispute began when Sanofi received marketing approval for a Shan6 by the Drugs Controller General (India). Panacea Biotec filed a suit before the Delhi High Court seeking to restrain Sanofi Healthcare that would infringe the company’s patent for its EasySix. EasySix is the first innovative fully-liquid hexavalent vaccine from India which is protected by patents in several countries including India.
Sanofi has agreed that it will not directly or indirectly commercially launch its fully liquid hexavalent vaccine Shan6 in India and would withdraw its patent oppositions against Panacea Biotec’s hexavalent vaccine.
“Panacea Biotec has also agreed to forego its claim for damages and rendition of accounts in the proceedings against Sanofi as prayed for in the suit,” the company said in a statement.
