Dr Reddy's Laboratories, Celgene, Bristol Myers Squibb, and several other generic companies have been named defendants in a lawsuit for Revlimid Generic. The complaint, filed on November 18 in New Jersey, alleges that the companies improperly restrained competition concerning the Revlimid Generic and maintained a shared monopoly.
Further, the complaint states that the agreements improperly delayed generic entry until 2022 and limited competition until 2026.
Made on behalf of indirect purchasers, the complaint seeks damages for overpayments and equitable relief.
On their part, Dr Reddy's said that the allegations lack merit and that they will vigorously defend this said litigation.
Last week, Natco Pharma, Bristol Myers Squibb and Teva were named as defendants in a lawsuit filed by Walgreens regarding the cancer drug Revlimid Generic. While Bristol Myers Squibb (BMS) is the patent holder in Revlimid Generic, Teva and Natco are in partnership for First to File generic status.
BMS has already settled with multiple generic filers for gradual entry of competition between 2022 and 2026.
Shares of Dr Reddy's are having a muted reaction to this news as they had declined between 4 percent and 5 percent on the day Natco Pharma had reported about being sued. The street, having already factored in a possible litigation for the company, maybe the reason behind the subdued reaction in the stock.
The stock currently trades 0.2 percent higher at Rs 4,359.70.
First Published: Nov 22, 2022 2:17 PM IST
