Dr Reddy's Lab surges 6% on USFDA nod for Aloxi generic

NEW DELHI: Shares of Dr Reddy’s Laboratories, the country’s leading pharmaceutical company, closed with gains of 6 per cent in Thursday's trade after the company received the US drug regulator’s nod for anti-nausea drug Aloxi generic.

Reacting to the development, the scrip gained 6.2 per cent to hit a high of Rs 3,201.35 on the BSE.

The company had entered an agreement with Helsinn Healthcare, a Switzerland-based company for patent litigation related to Aloxi generic.

The scrip has slumped 25 per cent in the past six months after it received three USFDA warning letters for its API facilties in Srikakulam, Miryalaguda and oncology manufacturing facility in Duvvada. It is up 1.2 per cent for the year so far.