Dr Reddy's Lab rises after sale of Cloderm Cream

Dr Reddy's Laboratories rose 0.41% to Rs 2,521.45 at 09:32 IST on BSE after the company announced the sale of Cloderm Cream to EPI Health, LLC.

The announcement was made on Tuesday, 2 October 2018, when the market was closed for local holiday.

Meanwhile, the S&P BSE Sensex was down 213.65 points, or 0.58% to 36,312.49

On the BSE, 16,000 shares were traded in the counter so far compared with average daily volumes of 76,000 shares in the past two weeks. The stock had hit a high of Rs 2,544.75 and a low of Rs 2,498.85 so far during the day. The stock hit a 52-week high of Rs 2,687.45 on 28 September 2018. The stock hit a 52-week low of Rs 1,888 on 21 May 2018.

Dr. Reddy's Laboratories announced that its wholly owned subsidiary Promius Pharma, LLC, has sold its rights of Cloderm ( clocortolone pivalate) Cream, 0.1 % and its authorized generic to EPI Health, LLC, an affiliate of EPI Group, LLC.

Under the terms of the agreement, Promius Pharma is eligible to receive an upfront payment followed by future royalties as the consideration for Cloderm Cream and its authorized generic in the United States, effective immediately.

Dr Reddy's Laboratories is an integrated pharmaceutical company.

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