Dr. Reddy's Laboratories gained 0.7% to Rs 4034.85 after the company said it entered into a licensing agreement with Gilead Sciences for Remdesivir, a potential Covid-19 drug.
Dr. Reddy's Laboratories on Saturday (13 June) announced that it has entered into a non-exclusive licensing agreement with Gilead Sciences, Inc. (Gilead) that will grant Dr. Reddy's the right to register, manufacture and sell Gilead's investigational drug, Remdesivir, a potential treatment for Covid-19, in 127 countries including India.Dr. Reddy's will receive technology transfer from Gilead for manufacturing of this drug. Dr. Reddy's would need to do the manufacturing scale up and obtain regulatory approval for marketing of this drug in respective countries.
Remdesivir, an investigational antiviral therapy developed by Gilead, received Emergency Use Authorization (EUA) by the US Food and Drug Administration (USFDA ) to treat Covid-19.
In the past three months, shares of Dr. Reddy's Laboratories surged 39% compared with 3.18% fall in the Sensex.
Dr. Reddy's Laboratories is an India-based pharmaceutical company. Through its three businesses - pharmaceutical services and active ingredients, global generics and proprietary products - the company offers a portfolio of products and services, including active pharmaceutical ingredients (API), custom pharmaceutical services (CPI), generics, biosimilars, differentiated formulations and new chemical entities.
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