Hyderabad-based pharma major Dr Reddy’s Laboratories has informed the bourses that the company has received approval from United States Food and Drug Administration (USFDA) for XEGLYZE (Abametapir) lotion, 0.74 per cent.
The approval causes the contractual pre-commercialisation milestone of USD 20 million payable to Hatchtech Pty Limited.
XEGLYZE is used in the treatment of head lice infestation in patients six months of age and older. The company is working to commercialise this product through its partners.
Dr Reddy’s Laboratories is an integrated pharmaceutical company that operates through its three businesses-pharmaceutical services & active ingredients, global generics, and proprietary products. Dr Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars, and differentiated formulations. Incorporated in 1984, the company has over 190 medications with 60 APIs for drug manufacture, diagnostic kits, critical care, and biotechnology product.
Promoters held a 26.70 per cent stake in the company as of June 30, 2020 while, foreign institutional investors (FIIs) held 29.30 per cent, domestic institutional investors (DIIs) 10 per cent along with public and others 29.10 per cent.
At 12.35 pm on Monday, the stock of Dr Reddy’s Laboratories Ltd was trading at Rs 3,999.00, down by 1.59 per cent against its previous close of Rs 4,063.70. Its 52-week high is Rs 4,189.35 while, its 52-week low is Rs 2,352.00 on BSE.