The Indian multinational pharmaceutical company “Dr. Reddy’s Laboratories” hit a fresh 52-week high of Rs. 2,706.00 after breaking its previous 52-week high record of 2,687.45 rupees in intraday trade. Even when the BSE-Sensex lost all of its gains in today’s session and trading 38.52 points down at 36,131.89. (2:54 PM IST)
However, it was anticipated because in past seven trading days, the stock of the pharmaceutical company has moved up 10% after an appellate court in the US cleared the way for the company to resume the sales of a Suboxone generic. The drug is used to treat opioid addiction and is expected to generate as much as $100 million in revenue annually.
Apart from this, the company had received for gSuboxone on 15 June 2018, indicating compensation for loss of around 4-5 months of sales.