Dr Reddy’s climbs as drug maker launches Nexium’s generic
NEW DELHI: Shares of Dr Reddy’s Laboratories surged over 6 per cent in Monday’s trade after the drugmaker launched a generic version of Nexium following approval from the United States Food & Drug Administration (USFDA).
Nexium is the world’s second most selling drug. It clocked annual sales of around $5.2 billion in the US alone for the 12 months ending July, according to IMS Health. The drug is a registered trademark of Astrazeneca AB Corporation
Following the development, the DRL stock surged 6.32 per cent to hit a high of Rs 4,222.75. The scrip was nearly 3 per cent away from its 52-week high of Rs 4,337 it had hit on August 14.
Astrazeneca Pharma was trading almost flat at Rs 1,175.
“The company has launched Esomeprazole Magnesium Delayed-Release Capsules USP 20 mg and 40 mg, a therapeutic equivalent generic version of AstraZeneca’s Nexium in the US market on September 25, following its approval by the USFDA,” Dr Reddy’s Laboratories said in a filing to BSE.
Earlier this month, the drugmaker signed a commercialisation deal with Australia’s Hatchtech for the latter’s prescription head lice product Xeglyze Lotion. During the month, the pharma major also entered an agreement to market PanTheryx’s Proprietary Nutritional Intervention for the treatment of pediatric infectious diarrhea.