Dr. Reddy’s Laboratories is trading higher by 2% at Rs 2,896, extending its previous day’s 2% gain, after the company said it has launched Sumatriptan Injection USP in the US.
The company has launched Sumatriptan Injection USP, Autoinjector System 6 mg/0.5 mL for Subcutaneous use, a therapeutic equivalent generic version of IMITREX STATdose Pen (sumatriptan succinate) 6 mg/0.5 mL in the US market, following the approval by the United States Food & Drug Administration (USFDA), Dr. Reddy’s Laboratories said in a statement.
The IMITREX STATdose Pen (sumatriptan succinate) brand and generic combined had US sales of approximately $169 million MAT, for the most recent twelve months ending in December 2013 according to IMS Health.
Dr. Reddy’s Sumatriptan Injection USP, Autoinjector System 6 mg/ 0.5 mL is available in a carton containing 2 single-dose prefilled syringes. The product, is already competitive, with lots of generic players, and thus expected to gross sales of $8-10 million.
Meanwhile, analyst at Angel Broking maintain accumulate rating on the stock with a target price of Rs 3,008.
The stock opened at Rs 2,874 and touched a record high of Rs 2,935 on the NSE. A combined around 133,000 shares changed hands on the counter in early morning deals on the NSE and BSE.
The company has launched Sumatriptan Injection USP, Autoinjector System 6 mg/0.5 mL for Subcutaneous use, a therapeutic equivalent generic version of IMITREX STATdose Pen (sumatriptan succinate) 6 mg/0.5 mL in the US market, following the approval by the United States Food & Drug Administration (USFDA), Dr. Reddy’s Laboratories said in a statement.
The IMITREX STATdose Pen (sumatriptan succinate) brand and generic combined had US sales of approximately $169 million MAT, for the most recent twelve months ending in December 2013 according to IMS Health.
Dr. Reddy’s Sumatriptan Injection USP, Autoinjector System 6 mg/ 0.5 mL is available in a carton containing 2 single-dose prefilled syringes. The product, is already competitive, with lots of generic players, and thus expected to gross sales of $8-10 million.
Meanwhile, analyst at Angel Broking maintain accumulate rating on the stock with a target price of Rs 3,008.
The stock opened at Rs 2,874 and touched a record high of Rs 2,935 on the NSE. A combined around 133,000 shares changed hands on the counter in early morning deals on the NSE and BSE.
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