Shares of Dr Reddy's Laboratories today rose by over 4 per cent, adding Rs 2,476.87 crore to its market capitalisation, after the company said it is all set to launch generic version of Valcyte (Valacyclovir Hydrochloride) in the US market soon.
The drug maker's stock gained 4.51 per cent to settle at Rs 3,400 on the BSE. During the day, it surged 6.2 per cent to Rs 3,455 -- its 52-week high.
On the NSE, it jumped 4.40 per cent to close the day at Rs 3,395.
The company's market valuation climbed Rs 2,476.87 crore to Rs 57,899.87 crore.
The US Food and Drug Administration (FDA) has granted final approval to Dr Reddy's to make cheaper copies of Roche Holding AG's antiviral Valcyte.
Valganciclovir Hydrochloride is prescribed to patients with acquired immunodeficiency syndrome (AIDS) for the treatment of cytomegalovirus (CMV) retinitis (When CMV virus infects the eyes, it is called CMV retinitis).
"As discussed, on Valcyte, we confirm that launch is expected shortly. We cannot confirm on the timeline yet," a DRL spokesperson told PTI in an email statement.
