Dr. Reddy's Laboratories saw its share price rise after its subsidiary signed a licensing agreement with US-based Ingenus Pharmaceuticals, LLC. As of 09:24 am, Dr. Reddy's Laboratories was trading at Rs 6,092.55 on the BSE, marking a gain of Rs 29.30 or 0.48 percent.
According to the agreement, Dr. Reddy’s Laboratories, Inc., a wholly owned subsidiary, has secured exclusive rights from Ingenus Pharmaceuticals, LLC to commercialise Cyclophosphamide Injection RTD (500 mg/2.5mL; 1g/5mL; 2g/10mL) in the United States. As part of the deal, Dr. Reddy’s USA will pay Ingenus 50 percent of the calculated profit share.
Additionally, the companies will enter into a commercial supply agreement under which Ingenus Pharmaceuticals will supply the product to Dr. Reddy’s USA.
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Earlier in this month, the US Food and Drug Administration (USFDA) issued a form 483 with four observations for its API manufacturing facility.
Last month, US FDA had issued Form 483 with two observations after the inspection conducted at its formulations manufacturing facilities (FTO-7 & FTO-9) in Duvvada, Visakhapatnam, Andhra Pradesh.
The company had reported better than expected net profit of Rs 1,307 crore for the March quarter of FY24, up 36 percent from the year-ago period. The firm reported a profit of Rs 960 crore in the same quarter of the previous year.
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