Dr Reddy's Lab touches new lifetime high

Dr Reddy’s formulation facility
Shares of Dr Reddy’s Laboratories have moved higher by 3.2% to Rs 4,327 on the National Stock Exchange (NSE) after the company said it will expand in Europe and grow its proprietary products business over the next two years.

The company also says it is looking at growth through mergers and acquisitions. CLICK HERE TO READ FULL REPORT.

Meanwhile, the company today announced that it has entered into a strategic collaboration with Amgen – one of the world’s leading independent biotechnology companies - to market and distribute three Amgen medicines in India in the areas of oncology and cardiology.

Under the terms of the collaboration, Dr Reddy’s shall perform a full range of regulatory and commercial services to seek approval and launch Kyprolis (carfizomib), BLINCYTO (blinatumomab) and Repatha (evolocumab) in India, Dr Reddy’s Laboratories said in a press release.

Meanwhile, since July 29, the stock has outperformed the market by surging 17% from Rs 3,712 after reported a better than expected 13.7% year-on-year jump in consolidated net profit at Rs 626 crore in the June quarter, on the back of improved gross profit margins. The CNX Nifty gained 2.4% during the same period.

 


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