Dr Reddy's gains after FDA nod for anti-cancer drug
MUMBAI (Reuters) - Dr Reddy's Laboratories Ltd (REDY.NS) shares rose on Tuesday after the company said it had received the U.S. drug regulator's approval for selling its generic version of an anti-cancer drug by Celgene Corp's (CELG.O).
Vidaza, the anti-cancer drug, generated sales of $378.5 million in the United States in the 12 months through July, according to IMS Health.
Dr. Reddy's, whose shares ended 3.6 percent higher, said in a statement it plans to launch the drug in the United States shortly.
"It's a decent positive for DRL as it is definitely a limited competition drug, but whether the company has a first-to-file would get clarified in the next few days when other players get approval," said Ranjit Kapadia, an analyst tracking the sector at Centrum Broking.
The first company to file a successful application with the U.S. Food and Drug Administration to sell a generic version of a drug coming off patent gets a six-month exclusivity period in the United States. (Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)
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