Dr Reddy’s Labs’ shares gained a little over 3 percent in the opening minutes as investors cheered a regulatory approval to its drug.
The company announced an approval from US FDA and is launching Buprenorphine and Naloxone Sublingual Film, a therapeutic equivalent generic version of Suboxone
Buprenorphine and naloxone are used to treat adults with opioid addiction.
“Buprenorphine helps suppress withdrawal symptoms caused by discontinuation of opioid drugs, and naloxone reverses and blocks the effect of opioids. This combination of medications is used as part of a complete treatment program including prescription monitoring, counseling, and psychosocial support,” the company said in a filing to the exchanges.
The Suboxone brand had US sales of approximately $1.86 billion MAT for the most recent twelve months ending in April 2018 according to IMS Health.
The stock has gained 16 percent in the past one month, while in the past three days, it has surged 6 percent. At 09:29 hrs Dr Reddys Laboratories was quoting at Rs 2,329.05, up Rs 60.65, or 2.67 percent, on the BSE. It touched an intraday high of Rs 2,345.95 and an intraday low of Rs 2,290.00.