July 16, 2018 / 4:45 AM / 4 months ago

BUZZ-India's Dr.Reddy's Laboratories plunges; Indivior wins preliminary injunction against co

** Dr.Reddy’s Laboratories Ltd falls as much as 10.8 pct to a five-week low of 2,069.95 rupees

** A U.S. court has granted Indivior a preliminary injunction blocking Dr. Reddy’s from selling generic versions of the British drugmaker’s opioid addiction treatment in the United States

** Dr.Reddy’s and U.S.-based Mylan NV had received U.S. FDA’s nod last month to sell versions of Indivior’s opioid addiction treatment Suboxone Film

** Injunction would adversely impact Dr.Reddy’s as co would have to await an Appeals Court’s decision. By that time, more competitors could gain approval, says Nomura; retains “buy” rating and TP of 2,704 rupees

** Jefferies analysts write injunction negative surprise for Dr.Reddy’s and risks for FY20-22 EPS estimates have increased after the ruling; retain “underperform”, cuts TP to 1,850 rupees from 1,910 rupees

** Add injunction also raises concerns on co winning ‘305 patent case which will impact FY20/21 EPS for which Suboxone contributes more than 20 rupees, in their estimates

** Stock down 3.9 pct this year as of last close

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