Dr Reddy's shares hit 52-week high amid potential anti-malarial drug partnership

The MoU remains subject to signing of a definitive agreement.

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Dr Reddy's Laboratories shares were up over one percent despite a muted market, as the pharma giant etched a fresh 52-week high in trade on August 20. The gains come after the firm announced a potential partnership for the joint development of an affordable anti-malarial drug with Kainomyx.

At 11.05 am, Dr Reddy’s was quoting Rs 7,037 per share on the NSE, higher by around one percent compared to the previous session's closing price.

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Dr. Reddy’s Laboratories and its Contract Research, Development and Manufacturing Organization (CRDMO) arm Aurigene Pharmaceutical Services announced that they have signed a non-binding Memorandum of Understanding (MoU) with Kainomyx, Inc., a US-based company with a proprietary platform that helps target cytoskeletal proteins of parasites.

Together, they will work on the development and commercialization of affordable anti-malarial drugs in the U.S., Europe, and in low and middle-income countries. The MoU remains subject to the signing of a definitive agreement.

Deepak Sapra, CEO – API and Services, Dr. Reddy’s Laboratories, said, "Public health and access is a strategic area for us and malaria continues to be a very important disease that needs innovative as well as affordable medicines. The MoU with Kainomyx is a promising step in that direction and towards improving global health outcomes and delivering on Dr. Reddy’s vision to reach 1.5 billion patients by 2030."

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