Sources said the company got approval earlier this month for generic Clopidogrel, which is used primarily to prevent blood clotting and acts against cardiovascular problems
Shares of Dr Reddy's Laboratories were trading at Rs 2,640 per scrip on BSE, up 2.11 per cent from their previous close
Such recalls are for dangerous or defective products that predictably can cause serious health problems
This is the second plant to come out of the warning letter after multiple inspections conducted by the US drug regulator
The site was again audited in October 2018, Dr Reddy's said.
Gains hinge on key launches; US FDA issues in some plants another hurdle
Litigation issues, more competition could mean diminishing returns
The stock dipped 6% to Rs 2,536 on the BSE in intra-day trade on back of heavy volumes.
The stock surged 8% to Rs 2,652 on the BSE in early morning trade, quoting near to its 52-week high of Rs 2,687 touched on September 28, 2018 in intra-day deal.
The stock of the pharmaceutical company was up 3% at Rs 2,546, trading higher for the sixth straight day, gaining 6% from Rs 2,407 on November 9, as compared to 1% rise in the S&P BSE Sensex.
The stock slipped 7% to Rs 2,425 on the BSE after the pharmaceutical company said US health regulator issued eight observations after inspecting its formulations plant at Duvvada, Visakhapatnam.
The stock gained 6.5% to Rs 2,559 after the company reported a good operational performance in September quarter, on account of lower R&D, higher other income, financial income, and lower tax.
The business will be sold to Therapiva Pvt Ltd, a joint venture between Omnicare Drugs India and Laxai Life Sciences Private Ltd
Alkem Labs, Glenmark Pharmaceuticals and Impax Labs were also granted product approval to manufacture and market Colesevelam HCl tablets by the US drug regulator
Sale of Bristol unit, downsizing staff, scaling down R&D and capex are some of the measures that compapny hopes will get it back to revenue growth and profitability
The plant and associated facilities focus on manufacturing or packaging Amoxicilin-based products, which include semi-synthetic penicillin
In past 14 trading days, Nifty Pharma index outperformed the market by surging 15% as compared to 2.3% rise in Nifty 50 index.
While growth in smaller contributing geographies and stabilised sales in the US are positives, clarity on the restart of opioid treatment drug remain key to growth in earnings
BS ReporterHyderabad, 26 July: Dr Reddy's Laboratories Limited announced today that it has launched Hervycta (Trastuzumab), a biosimilar of Roche's Herceptin in India, indicated for the treatment of certain cancers.Commenting on the launch, M V Ramana, CEO-Branded Markets at Dr Reddy's said,"We strive every day to do what matters most for patients. Hervycta is a step forward in our effort to accelerate acess to cancer patients in India, in the oncology biosimilar space."Herceptin and its biosimilars had India sales of approximately Rs 2.90 billion for the most recent twelve months ending in December 2017, according to the company."The launch of Hervycta will immensely benefit women in India who are suffering from HER2-positive breast cancer and are in need of access to high quality, affordable innovative medicines," Raymond De Vre, senior vice president and head, Boilogics at Dr Reddy's said.---ends
The stock slipped 11% to Rs 2,070 on the NSE after the drug maker said the preliminary injunction orders issued on Friday by a US court against the company on the launch of generic Suboxone.