BUZZ-Cipher Pharmaceuticals Inc: Settles patent litigation

Mon Oct 5, 2015 12:04pm EDT
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** Canadian drug developer's U.S.-listed shares up 15 pct at $4.50; Toronto-listed shares up 15.4 pct at C$6

** Company, along with Sun Pharma's unit Ranbaxy Pharmaceuticals Inc and Galephar Pharmaceutical Research Inc, settles patent litigation with Actavis, which is now Allergan Plc

** Under the agreement, Actavis, which merged with Allergan in March, can sell generic version of acne drug Absorica about 9 months before its patent expires in Sept. 2021

** Up to Friday's close, stock had fallen nearly 73 pct this year