Dr Reddy's Labs Faces Antitrust Woes Over Cancer Drug Revlimid, Shares Dip 4%

1 Mar 2024 , 04:28 PM

Dr Reddy’s Labs shares fell 4% on March 1, trading at Rs 6,193.55 on the NSE.

The company is a defendant in a legal complaint filed in the US District Court for New Jersey. The complaint alleges Dr Reddy’s ‘improperly restrained competition’ and maintained a monopoly for the cancer drug Revlimid.

It claims the Indian drugmaker improperly limited generic competition for Revlimid. The legal action is based on claims under the Federal Antitrust law, seeking damages and equitable relief.

Previous antitrust lawsuits in October and November 2022 also targeted Dr Reddy’s Labs, relating to Revlimid, in different US District Courts. Revlimid’s significance lies in being a major contributor to Dr Reddy’s financial performance, serving as a high-margin growth booster in recent quarters.

For feedback and suggestions, write to us at [e-mail]