Shares of Dr Reddy’s Laboratories Ltd were trading in the green and 1% higher on 13 June after the company’s subsidiary announced signing a licensing agreement with US-based Ingenus Pharmaceuticals, LLC. 

The agreement states that Ingenus Pharmaceuticals, LLC has granted Dr Reddy’s Laboratories, Inc., a wholly-owned subsidiary, the sole authority to sell Cyclophosphamide Injection RTD (500 mg/2.5mL; 1g/5mL; 2g/10mL) in the United States. Ingenus will get half of Dr Reddy’s USA’s anticipated profit share as per the agreement.

Furthermore, the two businesses would sign a commercial supply agreement wherein Ingenus Pharmaceuticals would supply the drug to Dr Reddy’s USA.

Earlier in June, The US Food and Drug Administration (USFDA) issued a form 483 with four observations for its API production unit.

In May, the USFDA issued a Form 483 with two observations after the US health regulator conducted an inspection at its formulations production locations (FTO-7 & FTO-9) in Duvvada, Visakhapatnam, Andhra Pradesh.

The company reported a better-than-expected net profit of Rs 1,307 crore for the March quarter of FY24, up 36% from the same quarter of the previous year. The company reported a profit of Rs 960 crore for the same quarter last year.

At 12:05 pm, the shares of Dr Reddy’s Lab shed all its early gains and were trading 0.049% lower at Rs 6,059.75 on NSE.