Dr Reddys shares down 4% after adverse ruling in US

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Dr Reddy's said it did not infringe three of the claims, adding that the remaining ten were invalid but that it would have infringed them should they be found valid. Dr Reddy's had filed an application for the release of a modified version of the drug under the rule 505 (B)(2), meaning that a favourable ruling could have given it an opportunity to launch the drug in the US.

The Hyderabad-based company in a statement to the Bombay Stock Exchange today said, "The court found that Dr Reddy's proposed palonosetron hydrochloride 0.25 mg/ 5 ml product infringes certain claims of USA patent nos".

Aloxi injection is used in adults to help prevent nausea and vomiting due to chemotherapy.

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Shares of pharmaceutical major Dr. Reddy's Laboratories Ltd. fell as much as 3.9 percent to Rs 2,799 during early trade on February 16, its biggest drop since November 9, after the company announced a U.S. District Court's opinion on it relating to patent infringement.

Helsinn Healthcare is a Switzerland-based pharma company.

A company spokesperson stated "We are disappointed in the decision and intend to pursue an appeal in due course". Following this, shares of the company fell by almost 4% after opening at R2,920 on the BSE. The company would have had to do its own branding and marketing to sell the drug, Surajit Pal, an analyst with Mumbai-based brokerage Prabhudas Lilladher told CNBC-TV18.

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Dr Reddy's is recalling 5,904 bottles of Olanzapine 30-count bottles from the market.

Brokerage Nomura was expecting the product to offer annual revenues of $100 million in the initial period. The company's share price has touched 52-week low at Rs 2,803.5, a negative development for the United States market. The shares closed 0.58% up, while the benchmark S&P BSE Sensex gained 0.52%.

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