Dr. Reddy’s Laboratories on Thursday said that all claims against the company related to a prescription medicine Revlimid have been dismissed.
The anti-trust litigation was filed in the United States. In a regulatory filing, the company said that on December 22, 2022, and December 27, 2022, the plaintiffs voluntarily dismissed Dr. Reddy’s Laboratories Ltd 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 said.
Last month the company had stated that it was among several generic pharma majors including Celgene and Bristol Myers Squibb against whom anti-trust litigation was filed in the District of New Jersey, USA.
The complaint had asserted “claims 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.”
The company had also stated that the complaint “alleges that the challenged agreement 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, it added.
Following this, the share prices of the pharma major opened higher. At 9:20 am, the stock was quoted at Rs 4,338.75 on the National Stock Exchange, higher by 2 percent. For the year, the stock is down 11 percent.
Revlimid, also known as lenalidomide, is an oral drug that is indicated for the treatment of multiple myeloma or blood cancer.
According to IQVIA, Revlimid capsules had sales of approximately $2.58 billion in the US for the 12-month period ending June 2022.
