homebusiness Newscompanies NewsDr Reddy's subsidiary faces antitrust lawsuit in US over Revlimid patents
Dr Reddy's subsidiary faces antitrust lawsuit in US over Revlimid patents
Shares of Dr Reddy’s Laboratories Ltd ended at Rs 5,484.50, up by Rs 63.50, or 1.17 percent on the BSE.
Pharma major Dr Reddy's Laboratories Ltd on Monday (October 9) said its wholly-owned subsidiary Dr Reddy's Laboratories Inc. has found itself among several pharmaceutical companies named as defendants in a recently filed lawsuit.
The complaint, lodged on October 6, 2023, in the United States District Court for the Northern District of California, is brought forth by Mayo Clinic and Lifepoint Corporate Services.
"The complaint, filed by Mayo Clinic and Lifepoint Corporate Services, asserts claims under federal and state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation," according to a stock exchange filing.
Its central claim is that the defendants engaged in practices that unfairly restricted competition and upheld a shared monopoly regarding the sale of both brand-name and generic Revlimid. These alleged practices stem from settlements reached during patent litigation.
According to the complaint, the agreements in question delayed the entry of generic versions until 2022 and then continued to limit generic competition until 2026. As a result, the plaintiffs seek damages for what they perceive as excessive payments and are also pursuing equitable relief.
In response to the lawsuit, Dr. Reddy's Laboratories maintains that the allegations hold no merit and has expressed its commitment to vigorously defending itself throughout the litigation process.
Shares of Dr Reddy’s Laboratories Ltd ended at Rs 5,484.50, up by Rs 63.50, or 1.17 percent on the BSE.
First Published: Oct 9, 2023 10:41 PM IST
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