US court rules against Ranbaxy, supports Pfizer patent

11/24/05 - newratings.com

NEW YORK, November 24 (newratings.com) – The court of appeals for the federal circuit in Washington on Wednesday upheld a preliminary injunction granted by the US district court of New Jersey, barring Ranbaxy Pharmaceuticals Inc from marketing a generic version of Pfizer's (PFE) Quinapril HCI tablets.

The US Court of Appeals for the Federal Circuit Wednesday affirmed Judge Dickinson R Debevoise's earlier order to stop selling a generic version of Pfizer's Accupril drug by Gurgaon, India-based Ranbaxy Pharmaceuticals, a subsidiary of Ranbaxy Laboratories (RLYG). Pfizer said that it would seek damages from Ranbaxy and co-promoter Teva Pharmaceutical Industries (TEVA) for lost revenues from Quinapril. Ranbaxy's share price fell Rs.8.1 or 2.2% to Rs.368.8 on the Mumbai stock exchange on Thursday.