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BUZZ-Dr Reddy's soars 9% after settling Revlimid dispute

(Updates)

** India’s Dr Reddy’s Laboratories Ltd jumps 9% to a record high after drugmaker settles patent litigation with Celgene, a unit of U.S.-based Bristol-Myers Squibb Co

** Parties settle all outstanding claims in the litigation that relates to Celgene’s cancer drug Revlimid, which raked in $2.9 bln in June-quarter sales

** REDY - up ~20% this week amid news of Russian vaccine deal - poised for best week since 2001

** Analysts at BofA Securities upgrade REDY to “buy” from “neutral” after the news, saying the “unexpected” settlement is “not entirely clear but definitely valuable”

** Investec Securities upgrades to “hold” from “sell” and raises PT to 5,100 rupees from 3,040

** Celgene to give Dr Reddy's licence to sell limited volumes of generic versions of Revlimid in the U.S. after March 2022; is also licensed to sell generic versions without volume limits starting from Jan. 31, 2026, Dr Reddy's says here

** India’s pharma sector has surged 51% so far this year; REDY has climbed 82% YTD (Reporting by Sachin Ravikumar, Chris Thomas)

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