Stock in Dr Reddy's Lab jumps after Finasteride tablets’ launch in US
Stock in Dr Reddy's Laboratories gained as much as 2.7 per cent to Rs 1,886.80 a share on the Bombay Stock Exchange (BSE) on Thursday, after the drug firm announced the launch of its generic Finasteride tablets in the American market.
Dr Reddy's Laboratories announced that it had launched Finasteride tablets, for treating male pattern hair loss, in the strength of 1 mg in the U. S. market on January 2 after regulators approved its abbreviated new drug application
(ANDA) with 180-day of marketing exclusivity.
The generic Finasteride tablets of 1 mg strength each are available in bottle counts of thirty and ninety.
Dr Reddy's Laboratories' Finasteride tablets are bioequivalent generic variants of Merck Sharp & Dohme Corporation, which is a subsidiary of Merck & Co Inc's Propecia tablets.
The company said in a statement, "The Propecia tablets brand has US sales of approximately USD 136 million for the most recent twelve months ending in October 2012 according to IMS Health."
During the year through October 2012, the Propecia tablets generated U. S. sales of around $136 million.
The drug firm's stock had hit a 52-week low of Rs 1,528 a share on 19 June 2012, and an all time high of Rs 1912.90 a share on 11 December 2012.