Dr Reddys falls 2%, competition may rise for Vitorin that treats high cholesterol in blood
Dr Reddy’s Laboratories share price fell more than 2 percent intraday Thursday, owing to likely competition to Vitorin that treats high cholesterol in blood.
US-based Amneal Pharmaceuticals has received approval from the US Food and Drug Administration for Vitorin generic that has a brand size of around USD 678 million in the US.
Apart from Dr Reddy’s Labs, Impax Laboratories and Watson Pharmaceuticals also supply this drug in the US.
Dr Reddy’s had launched Vitorin generic in April 2017 in the US.
Meanwhile, Teva Pharmaceutical Industries has received tentative approval from USFDA for Suboxone generic in the US. It is the first company to file for this drug approval.
Dr Reddy’s Labs is also awaiting approval for the drug.
The launch is dependent upon the final approval from USFDA.
Suboxone generic, which is used for opoid addiction, has market size of USD 800 million in the US.
At 13:25 hours IST, the stock price was quoting at Rs 2,314.50, down Rs 46.85, or 1.98 percent on the BSE.