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 A ruling by a U.S. appeals court last month that allowed Indian firm
Dr. Reddy's Laboratories to sell its copy of the drug, Suboxone
Film, sent Indivior shares crashing more than 40 percent.
A preliminary injunction in a U.S. court against Dr. Reddy's will
remain in place, Indivior said on Wednesday.
Suboxone Film is responsible for 80 percent of Indivior's revenue
and its market share has been falling — from 57 percent in 2017 to
50 percent more recently — after Dr. Reddy's launched a cut-price
version which Indivior says infringes its patents.
The cheaper drug will likely reduce Indivior's full-year 2018 net
revenue by between $12 million and $18 million, it said last month.
Suboxone Film, which is dissolved under the tongue, helps drug users
beat their addiction to opioids, and the fight for its sale in the
United States comes as the country battles a growing crisis of
opioid abuse and addiction.
Indivior welcomed the new court ruling and said it would continue to
pursue its infringement cases against Dr. Reddy's to protect its
Suboxone Film patent portfolio.
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Representatives for Dr. Reddy's did not immediately respond to phone
calls and an email seeking comment.
Meanwhile, shares of Dr. Reddy's fell 6 percent on India's National
Stock Exchange. Indivior shares rose 12 percent in London before
trimming gains to 2 percent.
Indivior, which was spun off from consumer products group Reckitt
Benckiser in 2014, is set to discuss its strategy and contingency
plans in a conference call on Dec. 18.
(This version of the story corrects typographical error in paragraph
8)
(Reporting by Arathy S Nair in Bengaluru; Editing by Sai Sachin
Ravikumar)
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