Dr Reddy's falls 5% as rival firm beats Co to US FDA approval for EluRyng

Rival firm Amneal Pharma has received approval for generic birth-control product NuvaRing from the US Food and Drug Administration.

Shares of Dr Reddy’s Laboratories slipped 5 per cent to Rs 2,773 on the National Stock Exchange (NSE) on Friday after rival firm Amneal Pharma received Abbreviated New Drug Application (ANDA) approval for generic birth-control product NuvaRing from the US Food and Drug Administration (US FDA). The stock was the biggest loser among the Nifty 50 pack in an otherwise strong market.

Amneal said on Thursday that it has initiated commercialisation activities for EluRyng, which is being manufactured internally. NuvaRing US annual sales for the 12 months ended October 31, 2019 were approximately $976 million, according to IQVIA, a leading