Dr Reddy's gains after announcing strategic collaboration with TR-Pharm in Turkey

Dr Reddy's Laboratories was up 0.63% at Rs 3,205.95 at 13:50 IST on BSE after the company announced strategic collaboration agreement with TR-Pharm for manufacturing and commercialisation of three biosimilar drugs in Turkey.

The announcement was made during trading hours today, 11 March 2016.

Meanwhile, the BSE Sensex was up 119.42 points, or 0.48%, to 24,742.76.

On BSE, so far 12,732 shares were traded in the counter, compared with an average volume of 45,683 shares in the past one quarter. The stock hit a high of Rs 3,223.35 and a low of Rs 3,175 so far during the day.

The large-cap company has an equity capital of Rs 85.30 crore. Face value per share is Rs 5.

Dr Reddy's said that a total of three products will be registered and subsequently commercialized as a part of this agreement by TR-Pharm in Turkey. TR-Pharm will also manufacture the drug substance and drug product upon completion of its facility investment. The partnership will enable Dr Reddy's to widen the global footprint of its biosimilar business.

Dr Reddy's Laboratories' consolidated net profit rose 0.8% to Rs 579.20 crore on 3.2% rise in net sales to Rs 3967.90 crore in Q3 December 2015 over Q3 December 2014.

Dr Reddy's Laboratories is an integrated global pharmaceutical company. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products - Dr Reddy's offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations.

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