Dr Reddy’s Lab in demand
Dr. Reddy's Laboratories gained 1.5% to Rs 811.75 after it got final approval from the US Food and Drug Administration for cholesterol-lowering simvastatin tablets.
Simvastatin is the generic equivalent of Merck & Co. Inc.'s blockbuster drug Zocor.
70,433 shares changed hands in the counter on BSE.
Dr Reddy's Laboratories (DRL) is in for a windfall for the next two quarters with the US Food and Drug Administration recently granting final approval for the company's abbreviated new drug application for ondansetron hydrochloride tablets, that are indicated for nausea treatment. The news had lifted the Dr Reddy’s Lab scrip up by 0.6% on Wednesday (27 December) to Rs 807.55. It had eased to Rs 799.55 the next day i.e. on 28 December.
With the approval, Dr Reddy's can exclusively market ondansetron tablets for 180-day period. The company will commence the shipment of this product shortly. Dr Reddy's will begin shipment of these tablets across the dosage spectrum of 4 mg, 8mg, 16 mg and 24 mg. Dr Reddy's ondansetron hydrochloride tablets are the AB-rated generic equivalent of GSK's ZofranR, used for prevention of nausea and vomiting associated with cancer treatment. The brand product has annual IMS sales of approximately $639 million.
In an attempt to combat uncertainties surrounding the product, as well as to lower legal costs, DRL is aggressively pursuing settlement of patent litigations wherever possible, while simultaneously exploring authorised generics opportunities with innovators. Recently, DRL entered into a patent litigation settlement with GSK, for Imitrex (sumatriptan succinate) tablets (25, 50 and 100mg). As part of the settlement, the company will be authorised to launch the generic version of Imitrex in the latter part of 2008.
DRL’s quarterly net profit more than tripled in Q2 September 2006, helped by strong growth in the key US market and gains from drugs exclusivity. Net profit, according to US accounting standards, rose to Rs 280 crore from Rs 89 crore. Total revenue jumped to Rs 2,000 crore from Rs 580 crore, while revenue from its core businesses, excluding the contribution from authorised generics and acquisitions, grew 42%, to Rs 820 crore.
On November 16, the company announced the pricing of the public offering of 1,25,00,000 ADS (excluding the underwriters over-allotment option) at a public offer price of $16 per ADS.
Simvastatin is the generic equivalent of Merck & Co. Inc.'s blockbuster drug Zocor.
70,433 shares changed hands in the counter on BSE.
Dr Reddy's Laboratories (DRL) is in for a windfall for the next two quarters with the US Food and Drug Administration recently granting final approval for the company's abbreviated new drug application for ondansetron hydrochloride tablets, that are indicated for nausea treatment. The news had lifted the Dr Reddy’s Lab scrip up by 0.6% on Wednesday (27 December) to Rs 807.55. It had eased to Rs 799.55 the next day i.e. on 28 December.
With the approval, Dr Reddy's can exclusively market ondansetron tablets for 180-day period. The company will commence the shipment of this product shortly. Dr Reddy's will begin shipment of these tablets across the dosage spectrum of 4 mg, 8mg, 16 mg and 24 mg. Dr Reddy's ondansetron hydrochloride tablets are the AB-rated generic equivalent of GSK's ZofranR, used for prevention of nausea and vomiting associated with cancer treatment. The brand product has annual IMS sales of approximately $639 million.
In an attempt to combat uncertainties surrounding the product, as well as to lower legal costs, DRL is aggressively pursuing settlement of patent litigations wherever possible, while simultaneously exploring authorised generics opportunities with innovators. Recently, DRL entered into a patent litigation settlement with GSK, for Imitrex (sumatriptan succinate) tablets (25, 50 and 100mg). As part of the settlement, the company will be authorised to launch the generic version of Imitrex in the latter part of 2008.
DRL’s quarterly net profit more than tripled in Q2 September 2006, helped by strong growth in the key US market and gains from drugs exclusivity. Net profit, according to US accounting standards, rose to Rs 280 crore from Rs 89 crore. Total revenue jumped to Rs 2,000 crore from Rs 580 crore, while revenue from its core businesses, excluding the contribution from authorised generics and acquisitions, grew 42%, to Rs 820 crore.
On November 16, the company announced the pricing of the public offering of 1,25,00,000 ADS (excluding the underwriters over-allotment option) at a public offer price of $16 per ADS.
posted by rtotla at
7:47 AM
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