Dr Reddys Labs enters into distribution partnership with Sanofi India; stock rises
As of 11:04 a.m., shares of Dr Reddys Laboratories traded 1.65 per cent or Rs 99.5 higher, at Rs 6,147.1 apiece on BSE. The market capitalisation of the company at around the same time stood at Rs 1,02,379.92 crore.
Shares of Dr Reddy's Laboratories gained over 2 per cent in Thursday's trade, touching the day's high of Rs 6,185 on BSE. The buying interest in the stock came after Dr Reddy's entered into a distribution partnership with Sanofi Healthcare.
As of 11:04 a.m., shares of Dr Reddy's Laboratories traded 1.65 per cent or Rs 99.5 higher, at Rs 6,147.1 apiece on BSE. The market capitalisation of the company at around the same time stood at Rs 1,02,379.92 crore.
On Wednesday, after market hours, the pharmaceutical company, through a regulatory filing, announced that it had entered into an exclusive distribution partnership with Sanofi Healthcare India Private Limited (‘SHIPL’) to promote and distribute their vaccine brands across private markets in India.
As per the filing, the vaccine brands saw combined sales of around Rs 426 crore (USD 51 million) as per IQVIA Moving Annual Total (MAT) February 2024.
Under the arrangement, Dr. Reddy’s will have exclusive rights to promote and distribute Sanofi’s well-established and trusted paediatric and adult vaccine brands, Hexaxim®, Pentaxim®, Tetraxim®, Menactra®, FluQuadri®, Adacel®, and Avaxim® 80U. Sanofi will continue to own, manufacture, and import these brands into the country.
The move will help Sanofi expand its engagement with healthcare professionals and help widen access to Sanofi’s well-established and trusted vaccine brands in India.
“We are happy to have the opportunity to leverage our strengths in promotion and distribution to considerably expand engagement with healthcare professionals and help widen access to Sanofi’s well-established and trusted vaccine brands in India... The portfolio now gives Dr. Reddy’s a strong presence in the vaccine segment, propelling us to the second position among vaccine players in India. Through each product and partnership, our aim is to serve over 1.5 billion patients by 2030,” said M.V. Ramana, Chief Executive Officer, Branded Markets (India and Emerging Markets), Dr. Reddy’s.
Dr Reddy's Laboratories share price: Past performance
In a year, shares of Dr Reddy's Laboratories have gained over 35 per cent against Nifty 50's rise of over 31 per cent in the same duration.
stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.