Sun Pharma, Mumbai-based multinational pharmaceutical firm, is once again stuck in a tight spot as a patent dispute continues to be a major roadblock for its new product, Leqselvi.
Leqselvi is used for curing alopecia areata, which is "an autoimmune disease" that causes hair loss. The medication received USFDA's (US Food and Drug Administration) approval just last week.
“Leqselvi offers a new and effective solution that will significantly enhance options for long-suffering patients battling severe alopecia areata and their physicians. Our fast-growing dermatology business is excited to add this novel treatment to its portfolio,” Abhay Gandhi, CEO, North America Business, Sun Pharma stated in a release last week.
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As per multiple media reports, the pharmaceutical company was planning to release the drug in July, but those plans have hit a snag. Incyte Corporation, an American pharmaceutical company, filed an injunction in the US District Court which has led to a delay in the launch.
Notably, this isn’t the first time Sun Pharma has found itself entangled in patent-related disputes.
Last month only, an Australian pharmaceutical company Mayne Pharma filed a lawsuit against Sun Pharma, alleging infringement of patents related to a product used to treat vaginal pain associated with menopause.
However, the pharmaceutical company continues to report robust financial figures. In the first quarter of FY25, Sun Pharma reported a 40 per cent year-on-year increase in net profit, reaching Rs 2,836 crore from Rs 2,023 crore recorded in the corresponding quarter of the previous year.
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The mention of Leqselvi was also present in the company's exchange filing.
On year-to-date basis, the shares of the Indian multinational pharmaceutical company have delivered a return of more than 37 per cent on the National Stock Exchange.
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