Sep. 18, 2009 (The Hindu Business Line) --
The Hyderabad-based pharma major’s scrip opened at Rs 865 in the morning (Thursday’s close was Rs 835.15) amid reports that global major GlaxoSmithKline (NYSE:GSK) was likely to pick up some stake in the company.
‘Speculation’
When contacted, a spokesperson said that the company would not comment on “market speculation”.
Dr Reddy’s is not new to GSK.
In June 2009, it entered into a partnership with GlaxoSmithKline Plc (GSK) to develop and market select products in generics and differentiated formulations across emerging markets outside India.
Through the pact, GSK had gained access to Dr Reddy’s diverse portfolio and future pipeline of more than 100 branded pharmaceuticals in therapeutic segments such as cardiovascular, diabetes, oncology, gastroenterology and pain management.
“Our recent meeting with the management of Dr. Reddy’s Laboratories (DRRD) has strengthened our belief that key geographies for the company are gaining traction at the right time,” said a research report from MF Global. (NYSE:MF)
Dr Reddy’s net more than doubled and the turnover increased 21 per cent to Rs 244 crore and Rs 1,819 crore respectively during the first quarter ended June 30, 2009.
