Dr Reddy's shares surge nearly 10%; mcap rises by Rs 3,256 cr
Shares of Dr Reddy's Laboratories
today soared nearly 10 per cent after Nasdaq-listed Vivus Inc
entered into a settlement agreement with the company to
resolve a long-pending patent litigation related to weight
management capsule Qsymia.
The stock surged 9.75 per cent to settle at Rs 2,217.35
on BSE. During the day, it zoomed 10.38 per cent to Rs
On NSE, it climbed 9.73 per cent to close at Rs 2,217.55.
The stock was the biggest gainer on both the key indices
during the day.
The company's market valuation rose by Rs 3,255.86 crore
to Rs 36,753.86 crore.
In terms of volume, 2.44 lakh shares of the company were
traded on BSE and over 36 lakh shares changed hands at NSE
during the day.
According to a statement issued yesterday by the US-based
drug maker, the litigation, pending since 2015, resulted from
the submission of an Abbreviated New Drug Application (ANDA)
by Dr Reddy's seeking approval to market generic versions of
The settlement permits the Hyderabad-based drugmaker to
begin selling a generic version of Qsymia from June 2025, or
earlier under certain circumstances. In the event of an early
launch, Vivus will receive a royalty on sales of the generic
version of the drug.
Qsymia (phentermine and topiramate extended-release)
capsules CIV is used to manage chronic overweight in adults
with obesity symptoms.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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