 "Dr Reddys Lab hits three-month high")
Dr Reddy’s Laboratories have moved higher to three-months high of Rs 3,307, up 2% on the BSE in on otherwise weak market, after the company announced new strategic deal with Gland Pharma in the US market.
The pharmaceutical company said on Wednesday after market hours that it has entered into a strategic collaboration with Hyderabad-based Gland Pharma to market and distributes a diverse portfolio of eight injectable Abbreviated New Drug Applications (ANDAs), or alternatively called as generic drug approvals.
“The portfolio is a mix of filed ANDAs and pending approval by the US Food and Drug Administration (USFDA) and ANDAs that will be filed imminently, and comprised of generic injectables administered in hospitals and clinics in the US, according to a statement issued by the company,” Dr Reddys Lab said in a press release.
The combined sale of branded and generic versions of the products in the US is approximately $1 billion for the most recent twelve months ending in August, 2016, it said citing the IMS Health data, it added.
In past three-trading sessions, post July-September (Q2FY17) results, the stock outperformed the market by gaining 7% as compared to 1.62% decline in the S&P BSE Sensex.
The pharmaceutical company said on Wednesday after market hours that it has entered into a strategic collaboration with Hyderabad-based Gland Pharma to market and distributes a diverse portfolio of eight injectable Abbreviated New Drug Applications (ANDAs), or alternatively called as generic drug approvals.
“The portfolio is a mix of filed ANDAs and pending approval by the US Food and Drug Administration (USFDA) and ANDAs that will be filed imminently, and comprised of generic injectables administered in hospitals and clinics in the US, according to a statement issued by the company,” Dr Reddys Lab said in a press release.
The combined sale of branded and generic versions of the products in the US is approximately $1 billion for the most recent twelve months ending in August, 2016, it said citing the IMS Health data, it added.
In past three-trading sessions, post July-September (Q2FY17) results, the stock outperformed the market by gaining 7% as compared to 1.62% decline in the S&P BSE Sensex.