Left Menu
Development News Edition

Dr Reddy's shares extend rally; zoom over 10 pc

In traded volume terms, 6.37 lakh shares were traded at the BSE and over 2 crore units at the NSE during the day. The Hyderabad-based company has settled litigation with Celgene, a wholly-owned subsidiary of Bristol Myers Squibb, Dr Reddy's Laboratories said in a statement on Thursday.

PTI | New Delhi | Updated: 18-09-2020 16:55 IST | Created: 18-09-2020 16:50 IST
Dr Reddy's shares extend rally; zoom over 10 pc

Shares of Dr Reddy's Laboratories jumped over 10 per cent on Friday after the company said it has settled a litigation with a unit of Bristol Myers Squibb related to patents for Revlimid (lenalidomide) capsules, used in the treatment of cancer. Continuing its rally for the fourth consecutive day, the stock gained 10.36 per cent to close at Rs 5,326.70 on the BSE. During the day, it rose by 13.88 per cent to Rs 5,497 -- its record high level.

On the NSE, it zoomed 9.92 per cent to close at Rs 5,306. In traded volume terms, 6.37 lakh shares were traded at the BSE and over 2 crore units at the NSE during the day.

The Hyderabad-based company has settled litigation with Celgene, a wholly-owned subsidiary of Bristol Myers Squibb, Dr Reddy's Laboratories said in a statement on Thursday. In settlement of all outstanding claims in the litigation, Celgene has agreed to provide the company with a license to sell volume-limited amounts of generic lenalidomide capsules in the US, beginning on a confidential date after March 2022, subject to regulatory approval, it added.

The agreed-upon percentages are confidential, Dr Reddy's said. Shares of Dr Reddy's Laboratories had risen in the last two days as Russia's sovereign wealth fund RDIF will supply 100 million (10 crore) doses of Sputnik V COVID-19 vaccine to the drug maker upon getting regulatory approval in India.

Meanwhile, the BSE healthcare index also rose 3.50 per cent to close at 20,404.76..


TRENDING

OPINION / BLOG / INTERVIEW

New farm bills in India: Focusing on farms or farmers?

... ...

Kenya’s COVID-19 response: Chaos amid lack of information

Confusing numbers and scanty information on how effective curfews and lockdowns have been in breaking transmission have amplified coordination and planning challenges in Kenyas response to COVID-19. Without accurate data, it is impossible t...

Farkhad Akhmedov: Calculating the price of impunity from the law

In insistences such as the battle over the Luna, Akhmedov has resorted to extreme legal machinations to subvert the High Courts decision and keep his assets from being seized. ...

Guinea’s elections hearken back to the autocracy and violence of its past

... ...

Videos

Latest News

Doctors consulting experts on Soumitra's neurological condition

Doctors treating legendary Bengali actor Soumitra Chatterjee, who was admitted to a city hospital with coronavirus about a fortnight ago and has since tested negative, are consulting experts for his neurological condition and he might requi...

Bangladeshi protestors say death penalty not the answer to rise in rape

Protesters took to Dhakas streets on Wednesday to demand action on rising rape cases in Bangladesh, saying a new law that expanded the use of the death penalty was not enough to bring about real change.Womens rights campaigners are demandin...

IPL 13: RCB bowled well but we should have countered that better, says Morgan

Kolkata Knight Riders skipper Eoin Morgan admitted that Royal Challengers Bangalore bowled well but added that the team should have countered that better after the massive eight-wicket loss against Virat Kohli-led side. RCB chased down a to...

Francis becomes 1st pope to endorse same-sex civil unions

Pope Francis became the first pontiff to endorse same-sex civil unions in comments for a documentary that premiered Wednesday, sparking cheers from gay Catholics and demands for clarification from conservatives, given the Vaticans official ...

Give Feedback