Dr Reddy’s jumps ~3% on distribution pact with Sanofi Healthcare

28 Mar 2024 , 02:43 PM

Dr Reddy's Laboratories' shares gained as much as 3% in the afternoon session on March 28 after the business announced an exclusive alliance with Sanofi Healthcare India Private Limited (SHIPL).

At around 1.34 PM, Dr Reddy’s was trading 2.25% higher at ₹6,180 per piece, against the previous close of ₹6,044.10 on NSE. The counter touched an intraday high of ₹6,191.

"The company has entered into an exclusive agreement with Sanofi Healthcare India Private Limited (SHIPL) to promote and distribute Sanofi's vaccine brands including well-established paediatric and adult vaccines in India," according to a press statement from the company.

Dr Reddy's will gain exclusive rights to promote and sell Sanofi's well-known and trusted paediatric and adult vaccination products, including Hexaxim, Pentaxim, Tetraxim, Menactra, FluQuadri, Adacel, and Avaxim 80U.

Sanofi will continue to own, produce, and import these brands into the nation. "We are delighted to have the chance to harness our expertise in promotion and distribution to significantly increase interaction with healthcare professionals and broaden access to Sanofi's well-established and trusted vaccination products in India.

We continue to strive to be the preferred partner in providing unique, innovative, and trusted treatments to patients in India through strategic collaborations," said MV Ramana, Dr Reddy's chief executive officer for branded markets (India and developing markets).

The company's board of directors will meet on Tuesday, May 7, 2024, to consider and approve the audited standalone and consolidated financial results for the quarter and fiscal year ending March 31, 2024, as well as to recommend any dividends for the fiscal year 2023-24.

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