Dr Reddy's Laboratories rose 1.08% to Rs 1,954.05 at 10:50 IST on BSE after the company announced the out-licensing of DFD-06 to Encore Dermatology.
The announcement was made during market hours today, 22 August 2017.Meanwhile, the S&P BSE Sensex was up 56.97 points or 0.18% at 31,315.82.
On the BSE, 17,189 shares were traded on the counter so far as against the average daily volumes of 52,400 shares in the past one quarter. The stock had hit a high of Rs 1,963 and a low of Rs 1,937.95 so far during the day. The stock had hit a 52-week high of Rs 3,394.95 on 28 October 2016 and a 52-week low of Rs 1,901.65 on 11 August 2017.
The stock had declined 3.82% in two sessions, to settle at Rs 1,933.15 on 21 August 2017, from a close of Rs 2,010 on 17 August 2017.
The stock had underperformed the market over the past one month till 21 August 2017, falling 29.95% compared with 2.4% decline in the Sensex. The scrip had also underperformed the market in past one quarter, declining 27.22% as against Sensex's 2.61% rise. The scrip had also underperformed the market in past one year, dropping 35.8% as against Sensex's 11.33% rise.
The large-cap company has equity capital of Rs 82.91 crore. Face value per share is Rs 5.
Dr Reddy's Laboratories through its wholly owned subsidiary Promius Pharma, LLC has out-licensed the future development, manufacturing and commercialization rights of DFD-06, a topical high potency steroid to Encore Dermatology Inc. The drug is intended to be used for treatment of moderate to severe plaque psoriasis.
Under the terms of the agreement, Encore will be responsible for the commercialization of DFD-06 in the United States. Promius Pharma is eligible to receive certain pre and post commercialization milestone payments of upto $32.5 million, followed by fixed royalty payments on net sales.
Anil Namboodiripad, Ph.D, Senior Vice President, Proprietory Products and President, Promius Pharma said that Encore and its management team are well positioned to realize the full potential of this asset DFD-06. The company looks forward to obtaining the new drug application (NDA) approval this fall, enabling Encore's management team to quickly deliver this product to the providers and their patients.
Dr Reddy's Laboratories' consolidated net profit declined 56.6% to Rs 66.60 crore on 2.5% rise in net sales to Rs 3315.90 crore in Q1 June 2017 over Q1 June 2016.
Dr Reddy's Laboratories is an integrated global pharmaceutical company.
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