Dr Reddy’s Laboratories has rallied 6% to Rs 4,223 on the BSE in otherwise subdued market after the drug maker announced the launch of Esomeprazole Magnesium Delayed-release capsules, which is the generic version of AstraZeneca's Nexium, in the US market.
“The company has launched Esomeprazole Magnesium Delayed-Release Capsules USP 20 mg and 40 mg, a therapeutic equivalent generic version of AstraZeneca Plc's Nexium in the US market on September 25, 2015, following the approval by the United States Food & Drug Administration (USFDA),” Dr Reddy’s Laboratories said in a press release.
The Nexium® (esomeprazole magnesium) Delayed-Release capsules brand and generic had U.S. sales of approximately $5.2 billion MAT for the most recent 12 months ending July 2015, according to IMS Health.
At 10:52 a.m., the stock was up 5.3% at Rs 4,182 on the BSE. The trading volumes on the counter more than doubled with a combined 448,787 shares changed hands on the BSE and NSE so far.