Dr. Reddy’s Laboratories along with its subsidiaries announced the launch of Gilead Sciences coronavirus drug candidate remdesivir under the brand name Redyx in India.
Dr Reddy’s (RDY) said that the launch is part of the licensing agreement with Gilead, which grants the company the right to register, manufacture and sell the potential treatment for Covid-19, in 127 countries including India. Dr. Reddy’s will make Redyx available in strength of 100 mg vial, the company said.
Remdesivir is approved by Drug Controller General of India (DCGI) for restricted emergency use in the country for the treatment of Covid-19 patients hospitalized with severe symptoms.
“We will continue our efforts to develop products that address significant unmet needs of patients,” said M V Ramana, CEO of Dr Reddy’s Branded Markets. “The launch of Redyx reaffirms our commitment to bringing in critical medicine for patients suffering from Covid-19 in India.”
Back in June, Dr Reddy’s entered into a non-exclusive licensing agreement with Gilead (GILD) for remdesivir, which put the company in charge of ramping up manufacturing and obtaining regulatory approval for the marketing of remdesivir in respective countries.
In a separate statement, Dr Reddy’s announced the US launch of its over-the-counter Diclofenac Sodium topical gel, used in the treatment of arthritis pain. The company’s product is the generic version of Novartis’ Voltaren gel.
Shares in Dr Reddy’s have rallied 45% year-to-date, but Barclays’ Balaji Prasad is sticking to the sidelines. Prasad recently reiterated a Hold rating on the stock, while ramping up his price target from $45 to $53. Given the stock’s recent rally, his new price target indicates almost 10% downside potential from current levels.
Prasad noted that RDY continues to execute successfully its strategy of expanding its product portfolio across geographies.
Overall the stock shows a Hold analyst consensus on TipRanks. (See RDY stock analysis on TipRanks).
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