DRL hits 52-week low on patent infringement
Dr Reddy’s Laboratories hit a 52-week low of Rs 2,799, down 4% on the National Stock Exchange (NSE) in intra-day trade after the drug maker said United States District Court for the district of New Jersey issued its opinion regarding Helsinn Healthcare patent infringement claims against the company’s proposed Palonosetron product.
“The court found that Dr. Reddy’s Laboratories’ proposed Palonosetron Hydrochloride 0.25 mg / 5 ml product infringes certain claims of US patent numbers 7,94,7724; 8,729,094; and 9,066,980 and that the asserted claims of the ‘094 and ‘980 patents were not invalid," Dr Reddy’s Lab said in a press release.
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The company said it was disappointed in the decision and intends to pursue an appeal in the due course of time.
At 11:12 am; the stock pared some losses to trade 1.2% lower at Rs 2,875 on the NSE against 0.30% rise in the Nifty 50 index. A combined 733,790 shares changed hands on the counter on the NSE and BSE so far.