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The US subsidiary of Dr Reddy’s Laboratories Ltd has reached a settlement with the US Government, in a case that is more than six years old, involving packaging for five blister-packed prescription products. In a joint filing by the parties, Hyderabad-based Dr Reddy’s and the US Department of Justice agreed to the settlement of the action without any adjudication of any issue of fact or law.
"Dr Reddy’s has taken this investigation seriously, cooperating with the Government over the past six years,’’ the company said in a release issued here, adding that the company firmly "disagrees’’ with the Government’s allegations. "However, in order to avoid any unnecessary costs and the distractions of prolonged litigation, the company has chosen to settle the matter for $5 million,’’ it said.
Dr Reddy’s was not aware of any reports that any child gained access to these products as a result of the packaging or that any of the products caused children harm as a result of the packaging. These products have not been distributed in the packaging at issue since June 2012, it added. Dr Reddy’s scrip gained 0.80 per cent on the Bombay Stock Exchange on Tuesday and is trading at Rs 2,413.75.
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