Dr Reddy's Laboratories gained 1.93% to Rs 6164.10 after the company said that it has entered into an exclusive partnership with Sanofi Healthcare India (SHIPL) to promote and distribute SHIPL vaccine brands across private markets in India.
There is no upfront payment involved in this arrangement. Under this arrangement, SHIPL shall supply to the company and the company shall purchase from SHIPL, the vaccine brands of SHIPL including well-established paediatric and adult vaccines for promoting and distributing the same in private markets in India, the company stated in the press release.
Under the arrangement, Dr. Reddys will have exclusive rights to promote and distribute Sanofis well established and trusted paediatric and adult vaccine brands Hexaxim, Pentaxim, Tetraxim, Menactra, FluQuadri, Adacel and Avaxim 80U.
As per IQVIA MAT February 2024, these brands saw combined sales of approximately Rs 426 crore (around $51 million). Sanofi will continue to own, manufacture, and import these brands to the country, said the firm.
M.V. Ramana, chief executive officer, branded markets (India and emerging markets), Dr. Reddys, said, We are happy to have the opportunity to leverage our strengths in promotion and distribution to considerably expand engagement with healthcare professionals and help widen access of Sanofis well-established and trusted vaccine brands in India.
We continue our efforts to become the partner of choice in bringing novel, innovative and trusted drugs to patients in India through strategic collaborations. The portfolio now gives Dr. Reddys a strong presence in the vaccine segment, propelling us to the second position among vaccines players in India. Through each product and partnership, our aim is to serve over 1.5 billion patients by 2030.
Dr Reddy's Laboratories is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products.
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The drug major's consolidated net profit increased 10.57% to Rs 1,378.9 crore on 6.57% rise in revenues to Rs 7,214.8 crore in Q3 FY24 over Q3 FY23.
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