Dr Reddy's Lab gains after FDA nod for migraine treatment medicine

Dr Reddy's Laboratories rose 2.97% to Rs 3,096.55 at 14:28 IST on BSE after the company said it has received approval from US drug regulator for a medicine for the treatment of acute migraine in adults.

The announcement was made during market hours today, 29 January 2016.

Meanwhile, the S&P BSE Sensex was up 298.96 points or 1.22% at 24,768.53.

On BSE, so far 49,000 shares were traded in the counter as against average daily volume of 77,626 shares in the past one quarter. The stock hit a high of Rs 3,114.80 and a low of Rs 2,971.55 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 28 January 2016, sliding 3.51% compared with Sensex's 6.01% fall. The scrip had, however, underperformed the market in past one quarter, declining 26.79% as against Sensex's 9.51% fall.

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

Dr Reddy's Laboratories (Dr Reddy's Lab) announced that the US Food and Drug Administration (FDA) has approved ZEMBRACESymTouch (sumtriptan succinate) injection, a drug-device combination product intended for the treatment of acute migraine episodes, with or without aura, in adults who are inadequately managed with existing treatment regimens. ZEMBRACESymTouch will be marketed in the United States by Dr Reddy's wholly-owned specialty company Promius Pharma, the company said in a statement.

Dr Reddy's Laboratories' consolidated net profit rose 25.7% to Rs 721.89 crore on 11.2% growth in net sales to Rs 3988.96 crore in Q2 September 2015 over Q2 September 2014. The company is scheduled to announce its Q3 December 2015 results on 9 February 2016.

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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