Dr Reddy's seeks partners to develop New Chemical Entity

Dr Reddy's Laboratories is looking for partners to develop its New Chemical Entity, an anti-cholesterol molecule

Drug maker Dr Reddy's Laboratories is looking for partners to develop its New Chemical Entity (NCE), an anti-cholesterol molecule, a top executive of DRL said.

"We will have a partner to take it forward. Right now, the cholesterol ester transfer protein (CETP) inhibitor is into Phase-II...," G V Prasad, vice chairman and CEO, Dr Reddy's, said on the sidelines of the company's annual general meeting held on 21st July.

Roche and Merck are developing an analogous molecule and are in Phase-III trials, and through this, Dr Reddy's will become the third company in the world in the CETP inhibitor segment.

The company had earlier admitted that another NEC Balaglitazone, an anti-diabetic molecule on which the company had spent considerable time and money hit dead end, as no company came forward to take the molecule forward after Phase-II trials.

"Most of the DRL problems are they took up molecules from old school of products and they will have to take from new areas like cancer where they can have a good market," Surajt Pal of Elara Securities, said.

DRL should concentrate more on developing bio-similars, where there will be immediate returns, Pal added.

The company has earmarked nearly 7.5% of sales for R&D in this fiscal.

CETP, which has completed its first phase, is said to have produced favourable results.

Earlier in the day, addressing the shareholders in the 27th AGM, K Anji Reddy, founder-Chairman of the company, said work is in progress on over 20 products, including NCE.

"Our own R&D efforts are scaling up and moving in the right direction. We are working on over 20 products including NCE. The foremost in the NCE programme is CETP inhibitor which has recently moved to Phase-II trials," the company said.

Shares of the company were trading at Rs1,558.05 apiece on the BSE, up 0.98% from the previous close.

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Hindustan Zinc Q1 net jumps 68% at Rs1,495 crore

Hindustan Zinc had reported a net profit of Rs890.92 crore during the same period a year ago

Hindustan Zinc, a Vedanta Group company, reported a 67.79% growth in its net profit at Rs 1,494.91 crore for the quarter ended June 30, 2011, riding on high zinc and silver prices.

The company had reported a net profit of Rs890.92 crore during the same period a year ago.

Net sales of the company during the quarter under review also went up by 44.62% at Rs2,821.35 crore vis-a-vis Rs 1950.77 crore reported in Q1 of FY11, it said in a filing to the Bombay Stock Exchange.

Income from sales of refined zinc rose by about 31% at Rs2,104 crore during April-June quarter, while refined silver sales contributed Rs228 crore to the company, it said in a separate statement.

Shares of the company were trading at Rs142.90 apiece on the BSE, up 3.4% from the previous close.

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Kotak Mahindra Bank Q1 net up 35% at Rs252 crore

Kotak Mahindra Bank had a net profit of Rs186.9 crore in the April-June quarter of FY11

Private sector lender Kotak Mahindra Bank today reported a 35% jump in net profit at Rs252 crore for the quarter ended 30 June 2011.

It had a net profit of Rs186.9 crore in the April-June quarter of FY11, Kotak Mahindra Bank informed the Bombay Stock Exchange.

Total income of the lender increased to Rs1,558.4 crore for the June quarter, from Rs1,060 crore in the corresponding period an year ago.

On consolidated basis, the net profit of the bank increased by 27% at Rs416 crore from Rs 328 crore in the same quarter in the previous fiscal.

Total deposits of the bank as on June 30 were up 29% to Rs31,047 crore.

Shares of the company were trading at Rs480.50 apiece on the BSE, up 4.6% from the previous close.

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