Dr Reddy’s shares jump on U.S. launch of Decitabine for injection

Dr Reddy’s shares jump on U.S. launch of Decitabine for injection Stock in Dr Reddy's Laboratories gained more than 1 per cent on Friday; a day after the company announced the launch of a therapeutic equivalent generic version of Dacogen called Decitabine for injection in the U. S. market.

Dr Reddy's Labs said it launched Decitabine for injection as 50mg single dose vial, after obtaining the approval of the U. S. Food & Drug Administration (USFDA).

During the twelve months ended July 2013, the Dacogen brand recorded sales of around $260 Million MAT in the U. S.

The foreign institutional investors (FIIs) held 32.69 per cent stake in Dr Reddy's Labs in June 2013 quarter, up by more than 3 percentage points from the previous quarter.

Shares of the drug maker jumped to a record high of Rs 2,327.10 apiece in the afternoon trade on Bombay Stock Exchange (BSE), up 1.57 per cent from its previous close. On the National Stock Exchange (NSE), the stock opened at Rs 2,301 and jumped to Rs 2,317 apiece. A combined more than 158,729 shares of Dr Reddy's Labs changed hands on both BSE and NSE.

Karvy Stock Broking maintained its `Buy' rating on Dr. Reddy's Labs' stock at a target price of Rs 2,502 along with potential upside of 9 per cent.

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