Dr Reddy’s shares extend rally; zoom nearly 10%
Continuing its rally for the fourth consecutive day, Dr Reddy’s Laboratories stock gained 9.86 per cent to Rs 5,302.85 — its record high level — on the BSE. At the NSE, it zoomed 9.79 per cent to an all-time high of Rs 5,300.
People chat within the lobby of the Innovation Plaza building, on the Dr. Reddy’s Laboratories Ltd. campus in Hyderabad, India, on Thursday, July 22, 2010. (Photographer: Prashanth Vishwanathan/Bloomberg)
Shares of Dr Reddy’s Laboratories jumped nearly 10 per cent in early trade on Friday after the corporate said it’s settled a litigation with a unit of Bristol Myers Squibb associated with patents for Revlimid (lenalidomide) capsules, utilized in the treatment of cancer.
Continuing its rally for the fourth consecutive day, the stock gained 9.86 per cent to Rs 5,302.85 — its record high level — on the BSE.
At the NSE, it zoomed 9.79 per cent to an all-time high of Rs 5,300.
The Hyderabad-based company has settled litigation with Celgene, a wholly-owned subsidiary of Bristol Myers Squibb, Dr Reddy’s Laboratories said during a statement on Thursday.
In settlement of all outstanding claims within the litigation, Celgene has agreed to supply the corporate with a license to sell volume-limited amounts of generic lenalidomide capsules within the US, beginning on a confidential date after March 2022, subject to regulatory approval, it added.
The agreed-upon percentages are confidential, Dr Reddy’s said.
