Sanofi Aventis and Bristol-Myers Squibb have offered an out-of court-settlement to Hyderabad-based Dr Reddy’s Laboratories for their $6 billion-a-year drug Plavix.
Plavix, a blood thinner, is the world’s largest selling drug after Pfizer’s Lipitor. Apotex Inc and Dr Reddy’s had challenged the Plavix patents held by the companies in 2002.
Sanofi Aventis and Bristol-Myers Squibb, which co-developed the drug, yesterday announced that they had settled the dispute with Apotex and had made a similar offer to Dr Reddy’s. If successful, it will help the two companies retain the patent protection on Plavix until 2011.
A Dr Reddy’s spokesperson declined to comment. The company’s top management, including Chairman GV Prasad and Managing Director Satish Reddy, are in the US. According to an analyst, the settlement can be in the region of $100 million. But this could not be confirmed.
The Dr Reddy’s scrip closed 9.62 per cent up today at Rs 1,489.35 on the Bombay Stock Exchange.
DRL-Sanofi mull off-court settlement
Our Corporate Bureau / New Delhi Mar 23, 2006, 00:21 IST
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