Patent infringement: Dr. Reddy's Laboratories hits fresh 52-week low
DSIJ Intelligence / 16 Feb 2017
Dr. Reddy's Laboratories witnessed negative trading session on Thursday in the first half, owing to US District Court's opinion relating to the patent infringement.
Dr. Reddy's Laboratories witnessed negative trading session on Thursday in the first half, owing to US District Court's opinion relating to the patent infringement.
The pharmaceutical company has declared that the United States District Court for the District of New Jersey issued its opinion regarding Helsinn Healthcare patent infringement. The court further stands against the company's proposed palonosetron product, pursuant to a paper NDA Section 505(b)(2) of the Food, Drug and Cosmetic Act.
The management of Dr. Reddy's Laboratories is disappointed with the decision and intends to pursue an appeal in the due course. At the same time, the firm has recalled some doses of product from the US market. The recalled drug was Olanzapine tablets, according to a notification of the US Food and Drug Administration (USFDA).
The share price of Dr. Reddy’s Laboratories declined by 2.16 per cent in the early trade and is trading at Rs 2,847.1 in an intraday basis. The company’s share price has touched 52-week low at Rs 2,803.5, a negative development for the US market.
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