The stock of Celgene Corporation (NASDAQ:CELG) closed at $86.50 gaining 0.73% in yesterday’s trading session. It was on Monday when the shares of this company scaled up and a lot of people following on the latest developments are hoping that soon Celgene will be reaching a settlement with Dr. Reddy’s Laboratories (RDY). For over a quite some time the two have been at a standoff regarding Revlimid which happens to be a generic version of blockbuster cancer drug.
Brian Abrahams, who happens to be an RBC analyst, was the one that gave the suggestion. His suggestion comes along shortly after the company and Dr. Reddy gave the perspective on the matter affirming that they did not require any sort of Markman hearing. The pre-trial hearing that had been conducted earlier saw the presiding judge scrutinize the evidence provided and the special focus was directed at the keywords used in a patent claim.
Apparently, it looks like Dr. Reddy and Celgene worked out their differences in matters to do with the disputed terminology.
An official working with the company said, “We view this as a positive indication of a settlement approaching, and continue to hope that settlement(s) with generic filers for incremental out-year Revlimid economics will provide reassurance there is unlikely to be an earlier-than-expected generic Revlimid entrant/cliff.”
In a note, Abraham outlined that it was nothing new that the companies in question were working on resolving their differences without the Markman hearing. The compromise arrived at by Dr. Reddy and Celgene tells quite much about what we should expect in the near future.
Most probably an agreement might be struck and of course that is what a lot of people have been looking forward to. A number of officials working with the company have been pushing for settlement that would be viewed as being fair by the parties involved.
There have been other rumors flying about that Celgene might be looking forward to working on a consolidated settlement with a number of the generic filers but that is something we will just have to wait and see.