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Dr. Reddy's Laboratories (RDY) maintains its position as a global pharmaceutical innovator through strategic developments in generic medicines, biosimilars, and active pharmaceutical ingredients. This news hub provides investors and industry professionals with essential updates on corporate milestones, regulatory filings, and market expansions.
Access real-time information about earnings announcements, partnership agreements, and product pipeline advancements. Our curated collection features official press releases covering FDA approvals, manufacturing facility certifications, and therapeutic area breakthroughs in oncology and gastroenterology.
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Dr. Reddy’s Laboratories announced the secondary listing of its American Depository Receipts (ADRs) on NSE IFSC Limited under the symbol 'DRREDDY' effective December 9, 2020. This initiative aims to facilitate overseas investors in trading Dr. Reddy’s ADRs, which are already issued by J.P. Morgan Chase Bank N.A. The listing does not involve any new capital raising or issuance of additional securities. The settlement of these ADRs will be managed by NSE IFSC Clearing Corporation through various domestic and international links.
Dr. Reddy's Laboratories (NYSE: RDY) and the Russian Direct Investment Fund (RDIF) have initiated adaptive phase 2/3 clinical trials for the Sputnik V vaccine in India, following approval from the Central Drugs Laboratory. The multicenter study will assess safety and immunogenicity, with JSS Medical Research as the clinical partner. Recent data from RDIF indicates a 91.4% efficacy on day 28 and over 95% efficacy after 42 days post-first dose. This partnership aims to expedite vaccine availability in India through import and local production.
Dr. Reddy’s Laboratories has entered a definitive agreement to acquire several brands from Glenmark Pharmaceuticals, including Momat Rino and Glenspray, across Russia, Kazakhstan, Uzbekistan, and Ukraine. This acquisition aims to enhance Dr. Reddy’s anti-allergy product portfolio, leveraging the recent OTC registration of Momat Rino in Russia to improve patient access. The deal is subject to completion of certain actions and marks a strategic move into core markets.
Dr. Reddy’s Laboratories (NYSE: RDY) has launched Succinylcholine Chloride Injection USP, a generic equivalent of Quelicin®, approved by the USFDA. The new product comes in multiple-dose vials, with a concentration of 20 mg/mL. The Quelicin® market recorded U.S. sales of approximately $74.8 million over the last twelve months ending September 2020. The press release also includes a significant warning regarding the risk of cardiac arrest from hyperkalemic rhabdomyolysis in pediatric patients.
Dr. Reddy’s Laboratories (NYSE: RDY) announced promising preclinical data for E7777, an engineered IL-2-diphtheria toxin fusion protein, at the SITC 35th Anniversary Annual Meeting. The study revealed that E7777 demonstrated significant anti-tumor activity and improved survival rates in combination with an anti-PD-1 agent in murine models, outperforming monotherapy treatments. The company plans to move forward with clinical trials for this combination therapy, indicating potential advancements in immunotherapy for solid tumors.
Dr. Reddy’s Laboratories (NYSE: RDY) announced a partnership with the Biotechnology Industry Research Assistance Council (BIRAC) and the Department of Biotechnology (DBT) of India for advisory support on the clinical trials of the Sputnik V vaccine. This collaboration allows access to BIRAC's clinical trial centers and Good Clinical Laboratory Practice (GCLP) labs for immunogenicity testing. The approval for conducting phase 2/3 trials in India was granted by the Drugs Controller General of India earlier this month, bolstering efforts to introduce the vaccine in the Indian market.
Dr. Reddy's Laboratories Ltd. (NYSE: RDY) has appointed Parag Agarwal as Chief Financial Officer (CFO), effective December 1, 2020. Agarwal brings over 33 years of experience, including an impactful tenure at Reckitt Benckiser as CFO-Health. He has expertise in financial strategy, M&A, and operational improvements. Saumen Chakraborty, the current CFO, will retire on the same date but will remain as an Advisor during the transition. Agarwal's leadership aims to enhance the company's value for customers and patients.
Dr. Reddy’s Laboratories reported consolidated revenue of Rs. 4,897 Cr for Q2 FY21, an 11% QoQ and 2% YoY increase, with gross margin at 53.9%. EBITDA stood at Rs. 12,673 Cr, a decrease of 12% YoY but up 9% QoQ. Profit after tax decreased by 30% YoY to Rs. 7,623 Cr, while profit before tax rose 12% YoY. R&D expenses were 8.9% of revenue. The company experienced a cyber attack in October but is actively recovering. The demand for COVID-19 drugs, Avigan, and Remdesivir, contributed to growth, albeit at a slower recovery pace compared to pre-COVID levels.
Dr. Reddy’s Laboratories has re-launched OTC Famotidine Tablets USP, 10 mg and 20 mg, in the U.S. market after receiving USFDA approval. These tablets serve as generic equivalents of Pepcid AC®, helping to fill a therapy gap created by the withdrawal of Ranitidine. The Pepcid AC® brand generated approximately $211 million in U.S. sales in the twelve months ending August 2020. Available in various pack sizes, this move expands Dr. Reddy’s OTC Antacid portfolio, catering to customer needs and providing relief from heartburn and acid indigestion.
Dr. Reddy’s Laboratories Ltd. and the Russian Direct Investment Fund (RDIF) have received approval from the Drug Control General of India (DCGI) to conduct an adaptive phase 2/3 clinical trial for the Sputnik V vaccine in India. This multi-center study will focus on safety and immunogenicity. Dr. Reddy’s, in partnership with RDIF, is set to distribute 100 million doses of the vaccine upon regulatory approval. The trial aims to contribute to the global effort in combating COVID-19 and is part of a broader collaboration involving data from Russian clinical trials.
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