Dr. Reddy dips 5 per cent
Leading pharmaceutical major lost more than 5 per cent in early trade on Wednesday following reports that USFDA has issued a Complete Response Letter with regards to the generic Nuvaring.
Dr. Reddy's Ethinyl estradiol/Ethonogestrel Vaginal Ring is the generic equivalent of Merck's NuvaRing, which is a female contraceptive device. The drug regulator, the US Food & Drug Administration (USFDA) issued the Complete Response Letter for the company's version of gNuvaRing, which is a vaginal ring to prevent pregnancy, meaning the agency has objections with regards to the current application for approval.
Earlier, in July, another pharma company, Amneal Pharmaceuticals that planned to launch a generic Nuvaring was also experiencing delays due to issues with FDA approval. The product currently has no generic equivalent available in the US market which has an estimated market size of US$790 million.
The company is seeking approval for close to 110 generic drugs and product from the USFDA.
On Wednesday, the stock of Dr. Reddy’s Laboratories opened at Rs. 2,518.00 per share and at 9:52 hours, the stock was at Rs. 2,409.50 down by Rs. 148.50 or 5.81 per cent.