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Last Updated : Jun 15, 2020 11:02 AM IST | Source: Moneycontrol.com

Dr Reddy's secures deal with Gilead to produce COVID-19 drug; share price rises 3%

Company will receive technology transfer from Gilead for manufacturing of this drug.

 
 
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Dr Reddy's Laboratories share price rose 3 percent intraday on June 15 after the company entered a non-exclusive licensing agreement with Gilead Sciences.

The company has entered into a non-exclusive licensing agreement with Gilead Sciences, Inc that will grant Dr Reddy’s the right to register, manufacture and sell Gilead’s investigational drug, Remdesivir, a potential treatment for CCOVID-19, in 127 countries including India.

The company will receive technology transfer from Gilead for the manufacturing of this drug.

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Dr Reddy’s would need to do the manufacturing scale up and obtain regulatory approval for marketing of this drug in respective countries.

Remdesivir, an investigational antiviral therapy developed by Gilead, received Emergency Use Authorization (EUA) by the US Food and Drug Administration (USFDA) to treat Covid-19.

At 10:47 hrs, Dr Reddy’s Laboratories was quoting at Rs 4,027.85, up Rs 21.20, or 0.53 percent on the BSE.
First Published on Jun 15, 2020 11:02 am
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