Friday's Hot Stock! Dr Reddy's jumps 11%; Launch of OTC eye drop, a settlement with Celgene lifts the mood

So far this week, Dr Reddy's stock has skyrocketed by whopping 24% on the index.

Sep 18, 2020 03:09 IST India Infoline News Service

Dr Reddys Laboratories
Dr Reddy's Laboratories on Friday was the lead gainer on exchanges after a series of development that took place by the company. On Sensex, Dr Reddy's stock clocked a 52-week high of Rs5497 per piece with overall gains of 11.02%.

The stock, however, ended at Rs5326.70 per piece surging by 10.36% on Sensex.

So far this week, Dr Reddy's stock has skyrocketed by whopping 24% on the index. The stock stood near Rs4,416-level on September 14, 2020.

On Thursday, Dr Reddy's launched an over-the-counter (OTC) Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2% and 0.1%. The US Food and Drug Administration (USFDA) has accorded approval for the same.

Dr Reddy’s Olopatadine Hydrochloride Ophthalmic Solution USP is indicated for the temporary relief of itchy eyes due to pollen, ragweed, grass, animal hair and dander. Also, the solution is indicated for the temporary relief of red eyes.

Later on that day, the company also announced the settlement of their litigation with Celgene which is a wholly-owned subsidiary of Bristol Myers Squibb, relating to patents for REVLIMID Capsules.

In the settlement, Celgene agreed to provide Dr Reddy's with a license to sell-volume-limited amounts of generic lenalidomide capsules in the US beginning on a confidential date after March 2022 subject to regulatory approval. 

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