Dr Reddy’s Labs climbs after launch of generic Sevelamer carbonate tablets in US

NEW DELHI: Shares of Dr Reddy’s Laboratories advanced over 3 per cent in early trade on Tuesday to eventually end flat after the pharma company on Saturday informed bourses that it has launched Sevelamer Carbonate tablets, 800 mg, a therapeutic equivalent generic version of Renvela (sevelamer carbonate) tablets, in the US market following approval by the US Food and Drug Administration ( USFDA).

The scrip was trading 1.65 per cent up at Rs 2,367.75 around 9.50 am (IST). It closed the day 0.33 per cent higher at Rs 2,337.15 on BSE. Shares of the company opened at Rs 2,406 and touched a high and low of Rs 2,415 and Rs 2,318, respectively.

A release issued by Dr Reddy’s Labs citing IMSE Health said Renvela brand and generic had US sales of around $1.88 billion (moving annual turnover) for the most recent twelve months ending in July 2017.

“We are very pleased to bring Sevelamer Carbonate tablets to market at this time. This launch represents Dr Reddy's expertise and commitment to provide affordable alternatives for complex, limited-competition products to market,” Alok Sonig, Executive Vice President and Head of the North America Generics business DRL said.

Renvela is indicated for the control of serum phosphorus in adults and children six years of age and above with chronic kidney disease on dialysis.