Dr Reddys Lab stock rises as US court dismisses litigation against its generic medicine

29 Dec 2022 , 10:40 AM

Dr Reddy’s Laboratories Limited stocks surged on Thursday’s trade after the US court dismisses claims against generic Revlimid.

in a regulatory filing, Dr Reddy’s informed that the company and its wholly-owned subsidiary Dr. Reddy’s Laboratories, Inc. had been named as defendants, along with Celgene, Bristol Myers Squibb, and several other generic pharmaceutical companies, in a complaint that asserted claims under federal and state antitrust law and other state laws alleging that defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid in the United States.

On December 22, 2022 and December 27, 2022, the plaintiffs voluntarily dismissed Dr. Reddy’s Laboratories Ltd. and Dr. Reddy’s Laboratories, Inc., respectively, from the case. All claims against the Company in the litigation have now been dismissed, the company announced on Thursday.

At around 10:36 AM, Dr Reddy’s Laboratories was trading at Rs4288.05 per share higher by 0.82% on the BSE.

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