Dr Reddy Stock Trades In Green On Partnership With Ingenus Pharmaceuticals
Furthermore, a commercial supply agreement will be signed by the two firms, whereby Ingenus Pharmaceuticals would deliver the product to Dr Reddy's USA
Dr Reddy stocks traded with gain in the Thursday trading session after its subsidiary signed a pact with US-based Ingenus Pharmaceuticals, LLC.
The agreement stated that Ingenus Pharmaceuticals, LLC has granted Dr Reddy's Laboratories, Inc., a wholly owned subsidiary, the exclusive right to market Cyclophosphamide Injection RTD (500 mg/2.5mL; 1g/5mL; 2g/10mL) in the United States. Dr Reddy's USA will give Ingenus half of the estimated profit share as part of the agreement.
Furthermore, a commercial supply agreement will be signed by the two firms, whereby Ingenus Pharmaceuticals would deliver the product to Dr Reddy's USA.
The US FDA inspected its formulations manufacturing facilities (FTO-7 & FTO-9) in Duvvada, Visakhapatnam, Andhra Pradesh, last month and issued Form 483 with two observations.
For the fiscal year that ended in March of this year, the company posted a better-than-expected net profit of Rs 1,307 crore, up 36 per cent from the same period last year. During that same quarter last year, the company declared a profit of Rs 960 crore.
However, in terms of stock performance Dr Reddy gained merely 4.5 per cent year-to-date compared to 17 per cent YTD return of the Nifty Pharma index.
