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Wednesday, October 28, 2020

Dr Reddy’s shares extend rally; zoom nearly 10%

Continuing its rally for the fourth consecutive day, Dr Reddy's Laboratories stock gained 9.86 per cent to Rs 5,302.85 -- its record high level -- on the BSE. At the NSE, it zoomed 9.79 per cent to an all-time high of Rs 5,300.

By: PTI | New Delhi | September 18, 2020 1:59:58 pm
People chat in the lobby of the Innovation Plaza building, on the Dr. Reddy's Laboratories Ltd. campus in Hyderabad, India, on Thursday, July 22, 2010. (Photographer: Prashanth Vishwanathan/Bloomberg)

Shares of Dr Reddy’s Laboratories jumped nearly 10 per cent 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 per cent to Rs 5,302.85 — its record high level — on the BSE.

At the NSE, it zoomed 9.79 per cent 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.

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