Dr. Reddy's Laboratories Ltd updates on antitrust litigation

Dr. Reddy's Laboratories Ltd. and Dr. Reddy's Laboratories, Inc. (a wholly owned subsidiary of the Company), along with Celgene, Bristol Myers Squibb and several generic pharmaceutical companies, were named as defendants in a complaint filed on November 18, 2022, in the District of New Jersey, USA. The complaint, which purports to be on behalf of a class of indirect purchasers, asserts claims under federal and state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation. The complaint alleges that the challenged agreements improperly delayed generic entry entirely until 2022 and then improperly limited generic competition through 2026. The complaint seeks damages for purported overpayments and equitable relief.

Dr. Reddy's maintains that the allegations against it lack merit and will vigorously defend the litigation.

Shares of Dr. Reddy's Laboratories Limited was last trading in BSE at Rs. 4351.30 as compared to the previous close of Rs. 4412.15. The total number of shares traded during the day was 25341 in over 4938 trades.

The stock hit an intraday high of Rs. 4389.45 and intraday low of 4318.30. The net turnover during the day was Rs. 110320426.00.

Source : Equity Bulls

Keywords

DrReddysLaboratories INE089A01023 RDY Complaint NewJersey USA