Dr Reddy's gains after expanding strategic collaboration with Amgen in India

Dr Reddy's Laboratories rose 1.02% to Rs 3,173.50 at 14:30 IST on BSE after the company announced that it has expanded its strategic collaboration with Amgen in India.

The announcement was made during market hours today, 16 September 2016.

Meanwhile, the S&P BSE Sensex was up 170.30 points or 0.6% at 28,582.25.

On BSE, so far 12,741 shares were traded in the counter as against average daily volume of 39,288 shares in the past one quarter. The stock hit a high of Rs 3,177.50 and a low of Rs 3,155 so far during the day. The stock had hit a record high of Rs 4,382.95 on 20 October 2015. The stock had hit a 52-week low of Rs 2,750 on 21 January 2016. The stock had outperformed the market over the past one month till 15 September 2016, gaining 4.55% compared with 0.93% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 1.83% as against Sensex's 6.31% rise.

The large-cap company has equity capital of Rs 85.39 crore. Face value per share is Rs 5.

Dr Reddy's Laboratories announced that it has expanded its strategic collaboration with Amgen, one of the world's leading independent biotechnology companies, to market and distribute three of Amgen's medicines in India in the therapy areas of oncology and osteoporosis. Under the terms of the collaboration, Dr Reddy's will commercialise XGEVA (denosumab), Vectibix (panitumumab) and Prolia (denosumab) in India.

In 2015, Dr Reddy's announced an initial strategic collaboration with Amgen to execute a full range of regulatory and commercial services to seek approval of and launch Amgen's Kyprolis (carfilzomib), BLINCYTO (blinatumomab) and Repatha (evolocumab) in India. The collaboration leverages the capabilities of both companies, combining Amgen's innovative therapies with Dr Reddy's deep understanding of patient and physician needs in India.

Dr Reddy's Laboratories' consolidated net profit fell 76.3% to Rs 153.50 crore on 14% decline in net sales to Rs 3212.30 crore in Q1 June 2016 over Q1 June 2015.

Dr Reddy's Laboratories is an integrated global pharmaceutical company. It offers a portfolio of products and services including active pharmaceutical ingredients (APIs), custom pharmaceutical services, generics, biosimilars and differentiated formulations.

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