Dr Reddy’s drops 4% after being named in US anti-trust lawsuit

The complaint accuses Dr Reddy’s of improperly restraining competition and maintaining a monopoly in the sale of the cancer drug Revlimid

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Shares of Dr Reddy’s Labs tumbled 4 percent in trade on March 1 after the company was named as a defendant in a complaint in the US District Court for New Jersey.

At 2.54 pm, shares of Dr Reddy’s Labs were trading at Rs 6,199.25 on the NSE.

The complaint accuses Dr Reddy’s of “improperly restraining competition” and maintaining a monopoly in the sale of the blockbuster cancer drug Revlimid. The complaint also calimed that the Indian drugmaker improperly limited generic competition.

Asserting claims under the Federal Antitrust law, the complaint also seeks damages for purported overpayments and equitable relief.

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This isn’t the first time that the drugmaker has found itself roiled in antitrust lawsuit over the generic cancer drug. In October, the Hyderabad-based company, along with several other pharmaceutical firms, had been named as a defendant in a complaint – similar to the latest – filed by Mayo Clinic and Lifepoint Corporate Services over Revlimid in the United States District Court for the Northern District of California.

Another anitrust lawsuit along the same lines was filed in November 2022  and named Dr Reddy’s  along with a few other drugmakers as defendants.

Revlimid has been the biggest growth booster for Dr Reddy’s in the past few quarters. The financial performance of the drugmaker has been heavily reliant on the contribution from the high-margin cancer drug in the past couple of quarters.

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