November 21, 2018 / 4:08 AM / 22 days ago

BUZZ-India's Dr. Reddy's rises most in 1 year as U.S. court allows generic drug sale

** Dr. Reddy’s Laboratories Ltd shares surge as much as 8.7 pct to 2,655 rupees, their highest since Sept. 26

** A U.S. appeals court on Tuesday allowed the generic drugmaker to sell a copycat version of its rival Indivior Plc’s opioid treatment Suboxone Film

** Court lifted a preliminary injunction filed by UK-based Indivior that blocked Dr. Reddy’s from selling the generic drug

** Ruling is a near-term positive and allows re-launch and reduces risk on ongoing patent case, Jefferies says in a note; retains “underperform” rating and PT of 2,100 rupees

** Challenges to U.S. base business will continue in the near term, as reflected in Q2 - Jefferies

** While co can resume at-risk sales of gSuboxone and receive reimbursement from loss of sales in form of penalties from Indivior, underlying litigation for the ‘305 patent will continue in the interim, Edelweiss said in a note

** Stock posts its biggest intraday pct gain since Nov 2017

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