Dr Reddy's Lab gains after completing acquisition of product portfolio from Teva

Dr Reddy's Laboratories rose 1.09% to Rs 2,974 at 10:55 IST on BSE after the company announced that it has successfully completed the previously announced acquisition of 8 Abbreviated New Drug Applications in the US.

The announcement was made after market hours yesterday, 3 August 2016.

Meanwhile, the S&P BSE Sensex was up 92.54 points, or 0.33%, to 27,790.05

On BSE, so far 20,965 shares were traded in the counter, compared with average daily volume of 42,986 shares in the past one quarter. The stock hit a high of Rs 2,980 and a low of Rs 2,934 so far during the day. The stock hit a record high of Rs 4,382.95 on 20 October 2015. The stock hit a 52-week low of Rs 2,750 on 21 January 2016. The stock had underperformed the market over the past one month till 3 August 2016, sliding 15.39% compared with 2.04% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 0.89% as against the Sensex's 9.78% rise.

The large-cap company has an equity capital of Rs 85.35 crore. Face value per share is Rs 5.

Dr Reddy's Laboratories (DRL) announced that it has successfully completed the previously announced acquisition of eight Abbreviated New Drug Applications (ANDAs) in the US from Teva Pharmaceutical Industries (TEVA) and an affiliate of Allergan plc. The acquired portfolio consists of products that are being divested by Teva as a precondition to its closing of the acquisition of Allergan's generics business. The portfolio being acquired is a mix of six ANDAs pending approval, one approved ANDA and one ANDA with tentative approval and comprises complex generic products across diverse dosage forms. The branded versions of these 8 products clocked sales of approximately $3.5 billion in the US for twelve months ended June 2016, according to IMS Health data.

Dr Reddy's Laboratories' consolidated net profit fell 76.3% to Rs 153.50 crore on 14.1% decline in total income to Rs 3289.50 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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