In the morning trades, Dr.Reddy’s Labs (DRL) rose over 2% to hit an intraday high at Rs.4400 with some 4300 shares changing hands. Its 52-week high and low is at Rs.5613.65 and Rs.3655 respectively.
The market is happy with its settlement agreement with Indivior Inc, Indivior UK Limited and Aquestive Therapeutics to resolve all claims between the parties relating to the company’s generic buprenorphine and naloxone sublingual film.
The settlement pact also included Indivior’s and Aquestive’s patent infringement allegations and the company’s antitrust counterclaims.
Pursuant to the agreement, the company will receive payments totalling $72 million by March 31, 2024.
The underlying litigation would be dismissed as part of the settlement.
Upon learning of DRL’s plans to launch the ANDA product “at risk,” in June 2018 Indivior moved to enjoin DRL from bringing its generic Suboxone film to market.