Dr Reddy’s Laboratories up 1% on lawsuit files in US District Court

Shares of Dr Reddy’s Laboratories rose 1.3 percent intraday Monday as company filed lawsuit in the United States District Court.

The companys wholly-owned subsidiary Promius Pharma LLC has filed a lawsuit for patent infringement in the United States District Court for Eastern District of Texas against Perrigo UK FINCO Limited Partnership, Perrigo Israel Pharmaceuticals and Taro Pharmaceuticals Inc, in response to two paragraph-IV notice letters received for its twice daily topical spray Sernivo product.

Promius anticipates this lawsuit will trigger a 30 month stay of FDA approval of Perrigo’s and Taro’s ANDAs.

Sernivo spray, 0.05% is protected by six Orange Book patents that expire in 2030.

Promius will continue to vigorously defend its Sernivo intellectual property rights against infringement wherever they are challenged.

At 10:33 hrs Dr Reddy’s Laboratories was quoting at Rs 1,993.15, up Rs 21.25, or 1.08 percent on the BSE.

The share touched its 52-week high Rs 2,788.00 and 52-week low Rs 1,888.00 on 24 July, 2017 and 21 May, 2018, respectively.

Currently, it is trading 28.53 percent below its 52-week high and 5.54 percent above its 52-week low.

Posted by Rakesh Patil

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