Polo Pharma, acquired by Sun Pharma, has a portfolio of dermatology products.
Shares of Sun Pharmaceutical Industries erased initial gains, plunging about 6 percent after a settlement with certain plaintiffs in the Modafinil Antitrust Litigation matter pending in a US district court.
The company did not disclose the settlement amount.
The stock had risen as much as 2 percent in early trade after the acquisition of Japanese pharmaceutical company Polo Pharma for $1 million.
Polo Pharma has a portfolio of dermatology products and has two manufacturing facilities at Saitama.
"This acquisition is in line with our strategy to strengthen our global dermatology presence," Kirti Ganorkar, Executive Vice President, Sun Pharma said in a statement.
At 11:32 hours Sun Pharma was quoting at Rs 484.25 on the BSE, down 5.17 percent from the previous close.
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