Dr Reddys Lab climbs after US court dismisses claims against generic Revlimid

Dr Reddy's Laboratories rose 1.10% to Rs 4300 after a US court dismissed all claims against the pharma major in an anti-trust complaint pertaining to cancer drug Revlimid.

On 22 November 2022, Dr. Reddy's Laboratories and Dr. Reddy's Laboratories, Inc. (a wholly owned subsidiary of the company) were named as defendants, along with Celgene, Bristol Myers Squibb, and several other generic pharmaceutical companies, in a complaint that asserts claimed 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 22 December 2022 and 27 December 2022, the plaintiffs voluntarily dismissed Dr. Reddy's Laboratories and Dr. Reddy's Laboratories, Inc., respectively, from the case. All claims against the company in the litigation have now been dismissed.

Dr Reddy's Labs is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products.

The drug maker reported 12% growth in consolidated net profit to Rs 11,128 crore on 9% rise in revenues to Rs 63,057 crore in Q2 FY23 over Q2 FY22.

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