Dr Reddy's Lab shares surge 5.5% on new drug launch

Shares of Dr Reddy's Laboratories (DRL) today ended with 5.5 per cent gains after the company launched the generic version of Astrazeneca's Nexium, used to treat acid reflux, in the US market.
The stock ended the day 5.37 per cent higher at Rs 4,185 on the BSE. In intra-day, the stock jumped 6.32 per cent to Rs 4,222.75.
On NSE, shares of the company rose by 5.56 per cent to Rs 4,191.25.
Led by the rise in the stock, the company's market valuation went up by Rs 3,769.15 crore to Rs 71,508.15 crore.
The scrip was the top gainer among the blue-chip stocks on both Sensex and Nifty.

In a BSE filing, DRL said "it has launched Esomeprazole magnesium delayed release capsules USP, 20 mg and 40 mg, a therapeutic equivalent generic version of Nexium delayed release capsules, in the US market on September 25, following approval from the US Food and Drug Administration."
Quoting IMS Heath data, the company said Nexium and generic had US sales of approximately USD 5.2 billion for the most recent 12 months ending in July, 2015.
Eesomeprazole is a proton pump inhibitor that decreases the amount of acid produced in the stomach.