Dr Reddy’s shares extend rally; zoom nearly 10%
While on the BSE its stock gained 9.86% to reach record-high level, on NSE, too, it gained 9.79% to reach its all-time high there.Updated: Sep 18, 2020, 15:25 IST
Shares of Dr Reddy’s Laboratories jumped nearly 10% in early trade on Friday after the company said it has settled a litigation with a unit of Bristol Myers Squibb related to patents for Revlimid (lenalidomide) capsules, used in the treatment of cancer.
Continuing its rally for the fourth consecutive day, the stock gained 9.86% to Rs 5,302.85 -- its record high level -- on the BSE.
At the NSE, it zoomed 9.79% 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 in a statement on Thursday.
In settlement of all outstanding claims in the litigation, Celgene has agreed to provide the company with a license to sell volume-limited amounts of generic lenalidomide capsules in 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.