Dr Reddy's Laboratories today entered into an agreement with Hetero to distribute and market generic version of US-firm Gilead Sciences' Hepatitis C drug under the brand 'Resof' in India.
Dr Reddy's Laboratories on Monday entered into an agreement with Hetero to distribute and market generic version of US-firm Gilead Sciences' Hepatitis C drug under the brand 'Resof' in India.
"The company has entered into an agreement with Hetero, under which Dr Reddy's has been licensed to distribute and market Sofosbuvir 400 mg tablets indicated in treatment of chronic Hepatitis C under the brand 'Resof' in India," the Hyderabad-based drug major said in a BSE filing.
Sofosbuvir is a medicine used for chronic Hepatitis C infection and sold globally by Gilead Sciences Inc, under its brand Sovaldi.
Hetero had signed a non-exclusive agreement with Gilead Sciences to manufacture and sell its Hepatitis medicines.
"With the diagnosis rates for Hepatitis C in India being abysmally low, Dr Reddy's will make a significant difference in the diagnosis and treatment of this disease," the company said.
"The launch of Resof is in line with Dr Reddy's philosophy of innovative medicine at a at an affordable price and will provide significant relief to patients, resulting in potential cure and a high barrier to resistance at an affordable price for those living with Hepatitis C," Dr Reddy's Laboratories Co-Chairman and CEO G V Prasad said.
Gilead Sciences also signed non-exclusive licensing agreements with Zydus Cadila and Natco Pharma to manufacture Sofosbuvir for distribution in 91 developing countries including India. Earlier this month, Natco Pharma launched the drug in Nepal.
Dr Reddys Labs stock price
On March 23, 2015, Dr Reddys Laboratories closed at Rs 3453.15, up Rs 24.20, or 0.71 percent. The 52-week high of the share was Rs 3662.00 and the 52-week low was Rs 2250.00.
The company's trailing 12-month (TTM) EPS was at Rs 92.70 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 37.25. The latest book value of the company is Rs 547.55 per share. At current value, the price-to-book value of the company is 6.31.
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