Dr Reddy’s Laboratories shares gained over 2 per cent in the morning trade on Thursday and hit a fresh all time high of Rs 4,325 after the company announced that it has entered into a strategic collaboration with Amgen, one of the world’s leading independent biotechnology companies, to market and distribute three Amgen medicines in India in the areas of oncology and cardiology.
At 11.04 am, the share price of the company was trading 2.33 per cent higher at Rs 4292.70. It opened at Rs 4,210 and has touched a high and low of Rs 4,325 and Rs 4,210, respectively, in trade so far. The BSE Sensex was flat at 28,224.35 during the same time.
The share price of Dr Reddy’s Laboratories closed 1.79 per cent higher at Rs 4,270.10.
Under the terms of the collaboration, Dr Reddy’s shall perform a full range of regulatory and commercial services to seek approval and launch Kyprolis (carfilzomib), BLINCYTO (blinatumomab) and Repatha (evolocumab) in India.
In a BSE filing, the company said, “The collaboration leverages the capabilities of both companies, combining three of Amgen’s innovative therapies with Dr Reddy’s deep understanding of patient and physician needs in India.”
For the quarter ended June 2015, the pharma company reported a standalone net profit of Rs 475.85 crore, down 21 per cent against Rs 604.75 crore in the corresponding quarter a year ago.