Dr Reddy's shares up on Hepatitis C drug launch plan

Shares of Dr Reddy's Laboratories today settled with gains of nearly 2 per cent after the firm said it is planning to launch Hepatitis C drug in the country, following which its market capitalisation rose Rs 1,000 crore.

Dr Reddy's yesterday entered into an agreement with Hetero to distribute and market generic version of US-firm Gilead Sciences' Hepatitis C drug under the brand 'Resof' in India.

Reacting to this development, shares of the company opened on a bullish note at Rs 3,499.00, then surged 2.07 per cent to touch an intra-day high of Rs 3,524.90. The stock, however, pared some gains and closed for the day at Rs 3,512.95, up 1.73 per cent on the BSE.

The company's market capitalisation improved by Rs 998.34 crore to Rs 59,828.22 crore.

Sofosbuvir is a medicine used for chronic Hepatitis C infection and sold globally by Gilead Sciences Inc, under its brand Sovaldi.

"With the diagnosis rates for Hepatitis C in India being abysmally low, Dr Reddy's will make a significant difference in the diagnosis and treatment of this disease," the company said.