Moneycontrol Bureau
Shares of Dr Reddy's Laboratories rallied more than 6 percent intraday Monday on launching gastric ulcer drug in the US market.
"Dr Reddy’s has launched Esomeprazole magnesium delayed-release capsules USP, 20 mg and 40 mg in the US market on September 25 following approval from US Food and Drug Administration," the drug major said in its filing.
Esomeprazole is therapeutic equivalent generic version of Nexium (owned by Astrazeneca AB Corporation).
The company said Nexium and generic had US sales of approximately USD 5.2 billion for most of recent 12 months ending in July 2015 according to IMS Health.
Esomeprazole is used in the treatment of gastroesophageal reflux disease (GERD) in adults and children ages 1 & older. Esomeprazole is a proton pump inhibitor that reduces the amount of acid in stomach.Additionally, Dr Reddy’s Laboratories is going to buy IP rights of Fondaparinux from Australian company Alchemia for Rs 115.6 crore. Fondaparinux is a generic version of anticoagulant drug Arixtra.
At 10:47 hours IST, the scrip of Reddys Laboratories was quoting at Rs 4,187.40, up Rs 215.75, or 5.43 percent on the BSE.Posted by Sunil Shankar Matkar
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
