India's Zydus Life and Lupin fall on losing US patent case for bladder disorder drug

India's Zydus Lifesciences ZYDU.NS and Lupin LUPN.NS shed 6.6% and 3.8%, respectively

Drugmakers lose patent litigation case in US for mirabegron, a generic version of Astellas Pharma's 4503.T bladder disorder drug Myrbetriq

ZYDU and LUPN top losers on pharma index .NIPHARM which is down 0.2%

It is a negative development for Zydus and Lupin as loss in litigation implies that they have to withdraw the drug from the market and could see some financial penalty, says Equirus

Brokerage estimates $35 mln in quarterly sales from mirabegron for ZYDU and $25-30 mln for LUPN

YTD, ZYDU drops ~15% while LUPN falls ~18%; pharma index down 11%