Dr. Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY, hereafter referred to as "Dr. Reddy's") has entered into an exclusive sales and distribution agreement with Novartis India Limited ("NIL") for the Voveran® range, the Calcium range and Methergine® in India.
Under the arrangement, Dr. Reddy's will have exclusive rights to promote and distribute the well-established Voveran® range, the Calcium range and Methergine® in India. The company will use its strengths in promotion and distribution to considerably expand its engagement with healthcare professionals with the aim of enabling access to patients in need.
M.V. Ramana, CEO - Branded Markets (India & Emerging Markets), said: "We are delighted to enter into this arrangement with NIL to promote and distribute these well-established brands that are trusted by patients and healthcare professionals. Our India business has been a strong growth driver and remains a key focus market for us. This arrangement will strengthen our portfolio in the pain management and women's health areas. It is our endeavour to build on the legacy created by NIL over the years and we intend to evaluate capabilities to maintain business continuity. This will help accelerate access and reach more patients in keeping with our purpose of 'Good Health Can't Wait'."
Shares of Dr. Reddy's Laboratories Limited was last trading in BSE at Rs. 4207.20 as compared to the previous close of Rs. 4327.30. The total number of shares traded during the day was 18597 in over 4104 trades.
The stock hit an intraday high of Rs. 4263.65 and intraday low of 4150.00. The net turnover during the day was Rs. 78429717.00.