The company made this announcement during trading hours today, 15 June 2012.
Meanwhile, the BSE Sensex was up 287.97 points or 1.73% to 16,965.85.
On BSE, 1.96 lakh shares were traded in the counter as against average daily volume of 23,000 shares in the past two weeks.
The stock hit a high of Rs 55.25 and a low of Rs 51.20 so far during the day.
Alembic Pharmaceuticals said that the company and Breckenridge Pharmaceutical Inc, USA have settled their Paragraph IV patent litigation with Novartis concerning Rivastigmine Tartrate Capsules, a generic version of Exelon by Novartis, and that the US Food and Drug Administration (USFDA) approved their abbreviated new drug application (ANDA). Under the terms of the settlement agreement, Novartis has granted Breckenridge and Alembic a license to market Rivastigmine Tartrate Capsules before the expiration of US patent on the drug on 11 February 2014.
Alembic Pharmaceuticals and Breckenridge Pharmaceutical Inc, USA will launch Rivastigmine Tartrate Capsules in the US market immediately. Alembic Pharmaceuticals is the sponsor and manufacturer of the ANDA, which will be marketed exclusively by Breckenridge.
Rivastigmine Tartrate Capsules is a prescription medicine that is indicated for the treatment of mild to moderate dementia of the Alzheimer's type, and for the treatment of mild to moderate dementia associated with Parkinson's disease. The current generic market of the drug in the US is approximately $46 million, based on industry sales data. The product will be available in 4 strengths: 1.5 milligram (mg), 3 mg, 4.5 mg and 6 mg.
Breckenridge Pharmaceutical Inc is a pharmaceutical marketing, research and development company. It markets a broad range of generic prescription products in many therapeutic categories. The company markets over 70 products in a variety of dosage forms.
Alembic Pharmaceuticals' consolidated net profit jumped 97.6% to Rs 20.31 crore on 14.9% growth in net sales to Rs 340.79 crore in Q4 March 2012 over Q4 March 2011.
Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company. The company manufactures and markets generic pharmaceutical products all over the world.
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