Shares of Dr Reddy's Laboratories today rose nearly 4 per cent after the company received USFDA approval for generic version of Suboxone, prescribed for opioid addiction.
The stock gained 3.65 per cent to settle at Rs 2,351.10 on BSE. During the day, it soared 5 per cent to Rs 2,382.20.
At NSE, shares of the company jumped 3.89 per cent to close at Rs 2,357.90.
The company's market valuation moved up by Rs 1,362.41 crore to Rs 38,997.41 crore.
In terms of equity volume, 3.03 lakh shares of the company were traded on BSE and over 44 lakh shares changed hands at NSE during the day. The stock is on a rising spree, surging 20 per cent in eight straight sessions.
"The product approved by US Food and Drug Administration (USFDA) is a therapeutic equivalent generic version of Suboxone (buprenorphine and naloxone) sublingual film," Dr Reddy's Labs said in a BSE filing.
The company said the approval has been granted in the strengths of 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg.
"Buprenorphine helps suppress withdrawal symptoms caused by discontinuation of opioid drugs, and naloxone reverses and blocks the effect of opioids. This combination of medications is used as part of a complete treatment programme including prescription monitoring, counselling, and psychosocial support," it said.
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