Back to top
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Dr. Reddy's Laboratories Ltd (RDY) - free report >>
Novartis AG (NVS) - free report >>
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Dr. Reddy's Laboratories Ltd (RDY) - free report >>
Novartis AG (NVS) - free report >>
Image: Bigstock
Dr. Reddy's Sells Antibiotic Production Hub to UAE Drugmaker
Dr. Reddy's Laboratories Limited (RDY - Free Report) announced that it has divested its antibiotic manufacturing site and related assets in Bristol, TN to Abu Dhabi-based Neopharma, a subsidiary of UAE’s largest pharmaceutical manufacturer.
Per the agreement, Dr. Reddy’s disposed off all its issued and outstanding membership interests in Tennessee to Neopharma.
The motive for the sale is to streamline and optimize the cost structures and focusing on other important business concerns to drive growth.
The 390,000-square-foot manufacturing facility includes processing, packaging, development, printing and warehouse spaces along with a separate 24,000-square-foot plastics-processing facility in Bristol, TN. The plant provided packaging of amoxicillin-based products including semi-synthetic penicillin products.
The company also announced that it has terminated the license granted to Armis Biopharma, Inc. for its investigational antibacterial product, DFA-02, currently developed for the preventive treatment of surgical site infections. With the license rendered null and void, Dr Reddy’s regains rights to the candidate and is yet to take a call on whether to further develop it.
The company also announced the launch of imatinib mesylate tablets, USP, a therapeutic equivalent generic version of Novartis’ (NVS - Free Report) Gleevec (imatinib mesylate) tablets in the United States.
Talking about biosimilars, Dr. Reddy’s unveiled Hervycta (trastuzumab) in July, which is a biosimilar of Roche’s (RHHBY - Free Report) breast cancer drug Herceptin in India. Also, during the month, the company introduced Repatha (evolocumab) 140 mg/ml, the first and the only PCSK9 inhibitor available in India, approved by the Drug Controller General India.
Repatha is manufactured by Amgen (AMGN - Free Report) and distributed by Dr. Reddy’s in India.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>