Dr.Reddy’s is the top loser on the BSE since opening bell. The stock fell 3.5% to Rs.2615.70, with volumes spiking up almost 1.5 times.
The stock price fell, reacting to the news that despite having won the case to sell Suboxone for opioid addiction, it will have to wait for some more time before it can actually start selling it. The court rejected a Dr. Reddy’s request that would have allowed the company to go to market immediately.
The US appeals court ruled yesterday that Dr.Reddy’s will have to wait before it can start selling a generic version of Indivior Plc’s Suboxone Film opioid addiction treatment.
Bloombergquint reported that the sales ban will remain in force to give Indivior time to challenge a Nov. 20 appeals court decision it lost. In that ruling, a split 2-1 panel of the U.S. Court of Appeals for the Federal Circuit said a trial judge was wrong to block Dr. Reddy’s from selling a generic version of Suboxone while a patent-infringement suit is pending.
Indivior has until Dec 20th to file a petition for rehearing in the case, and no extensions will be granted.