Dr Reddy's Laboratories rose 2.85% to Rs 4,314.65 at 10:36 IST on BSE after the company said it has entered into a strategic collaboration with Amgen to market and distribute Amgen medicines in India.
The announcement was made during market hours today, 6 August 2015.
Meanwhile, the S&P BSE Sensex was up 6.46 points or 0.02% at 28,229.54.
On BSE, so far 16,000 shares were traded in the counter as against average daily volume of 18,236 shares in the past one quarter.
The stock hit high of Rs 4,325 so far during the day, which is a record high for the counter. The stock hit a low of Rs 4,210 so far during the day. The stock had hit a 52-week low of Rs 2,711.90 on 11 August 2014.
The stock had outperformed the market over the past one month till 5 August 2015, surging 17.13% compared with Sensex's 0.46% rise. The scrip had also outperformed the market in past one quarter, jumping 23.27% as against Sensex's 2.85% rise.
The large-cap pharma firm has equity capital of Rs 85.28 crore. Face value per share is Rs 5.
Dr Reddy's Laboratories (Dr Reddy's Lab) said that it has entered into a strategic collaboration with Amgen - one of the world's leading independent biotechnology companies - to market and distribute three Amgen medicines in India in the areas of oncology and cardiology. Under the terms of the collaboration, Dr Reddy's shall perform a full range of regulatory and commercial services to seek approval and launch Kyprolis (carfilzomib), BLINCYTO (blinatumomab) and Repatha (evolocumab) in India. The collaboration leverages the capabilities of both companies, combining three of Amgen's innovative therapies with Dr Reddy's deep understanding of patient and physician needs in India.
On consolidated basis, Dr Reddy's Laboratories' net profit rose 13.7% to Rs 625.65 crore on 6.8% growth in net sales to Rs 3757.76 crore in Q1 June 2015 over Q1 June 2014.
Dr Reddy's Laboratories is an integrated global pharmaceutical company. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products - Dr. Reddy's offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations.
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