Dr. Reddy’s Laboratories Limited (BSE: 500124, NSE: DRREDDY, NYSE: RDY, along with its subsidiaries together referred to as “Dr. Reddy’s”), through its wholly owned subsidiary Promius Pharma, LLC, announces the sale of its rights for SERNIVO® (betamethasone dipropionate) Spray, 0.05% and assignment of its rights to market and distribute, PROMISES® Topical Cream and TRIANEX® 0.05% (Triamcinolone Acetonide Ointment, USP) in the United States, to Encore Dermatology.
Under the terms of the agreement, Promius Pharma is eligibl~ to receive an upfront payment and future milestone payments contingent upon achievement of certain commercial objectives.
“This is in line with our renewed strategy to enable us achieve self-sustainability and profitable growth for each of our businesses,” said G.V. Prasad, Co-Chairman and CEO, Dr. Reddy’s.
“We are confident in Encore’s ability to realize the full potential of the enlisted products. We look forward to working with Encore to ensure a smooth transition of these brands and to ensure they are able to quickly deliver these products to providers and patients.” says Anil Namboodiripad, Ph.D., Senior Vice President, Proprietary Products, and President, Promius Pharma.
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Shares of DR.REDDY’S LABORATORIES LTD. was last trading in BSE at Rs.2793.3 as compared to the previous close of Rs. 2774.15. The total number of shares traded during the day was 20196 in over 1040 trades.
The stock hit an intraday high of Rs. 2821 and intraday low of 2780.05. The net turnover during the day was Rs. 56573157.
Date: April 08, 2019
Source: Equity Bulls
