Dr Reddy Lab hit its 52-week high following launch of Sumatriptan injection in the US market that is used to treat migraine headaches
Dr Reddy's Laboratories Ltd (Dr Reddy’s Lab), hit a 52-week high on Wednesday afternoon at Rs2,845 on the BSE. However, it retracted later and closed the day 1.8% higher at Rs2823.
In a regulatory filing, the pharmaceutical company said, it launched its Sumatriptan injection USP with an auto-injector system in the US market following approval from the Food & Drug Administration (FDA). Sumatriptan injection is used in the treatment of migraine headaches.
“It is a therapeutic equivalent generic version of Imitrex Statdose Pen (sumatriptan succinate) and was launched in the US market on 25 February 2014 followed by USFDA approval,” Dr Reddy’s Lab said.
Earlier this month, Dr Reddy’s Lab reported an 80% surge in its December quarter net profit to Rs623.17 crore. Its third quarter sales grew 20% to Rs2583.77 crore from Rs2158.44 crore a year ago period on 36% jump in its revenues from global generic business.
Dr Reddy’s Lab closed Wednesday 1.77% up at Rs2823.05 on the BSE, while the 30-share Sensex ended the day marginally higher at 20,960.
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