Dr Reddys 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

2,230.20.

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

Qsymia.

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.)