LONDON, UK / ACCESSWIRE / November 14, 2016 / Active Wall St. blog coverage looks at the headline from Dr. Reddy's Laboratories Ltd (NYSE: RDY) as the company announced on November 11, 2016, that it had launched a generic Osteoporosis drug, raloxifene hydrochloride, in tablet form in the US. The tablet is a therapeutic equivalent of Eli Lilly and Co. (NYSE: LLY)'s tablet Evista. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
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Dr. Reddy's generic version has received necessary approvals from the US Food & Drug Administration (FDA) and has been launched in bottle count sizes of 30, 100 and 1,000 tablets of 60 mg each. Evista and other generic versions of the tablet generate a sale of $265 million MAT as per IMS Health.
Dr. Reddy's is an Indian integrated pharmaceuticals company and operates in three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. The pharmaceuticals company manufactures, markets, and/or distributes more than 100 drugs in the US. In 2006, US drug giant Merck has signed a pact with Dr Reddy's Labs to sell two of its products in the US. The first drug was the generic version of cholesterol reducing drug Simvastatin, branded as Zocor, and the second drug was Finasteride, or Proscar, which is used to treat patients with prostate hyperplasia. Furthering the partnership, Dr. Reddy's in June 2012, had signed a research pact with Merck's Serono biopharmaceutical division for jointly developing copies of complex biotechnology drugs.
About Evista (raloxifene hydrochloride)
Evista is a prescription drug, an estrogen agonist/antagonist, commonly referred to as a selective estrogen receptor modulator (SERM) that belongs to the benzothiophene class of compounds. It is a proprietary product of Eli Lilly and Company. It is prescribed to women only after menopause. It has various uses including for the treatment and prevention of osteoporosis. It is also prescribed to patients at high risk for breast cancer as it lowers the chances of getting invasive breast cancer. The tablet is to be taken orally daily and the recommended dosage is one 60 mg tablet per day.
The first Evista generic was launched by Teva Pharmaceuticals USA, Inc. in April 2014. Other companies which have launched the Evista therapeutic equivalent and are being sold in the US markets are: Amneal Pharms', Aurobindo Pharma Ltd, Watson Labs Inc., Invagen Pharms, Glenmark Pharma Ltd. All of them have received the necessary approvals from US FDA for their products.
Last Friday, Dr. Reddy's Labs' stock closed the trading session at $48.52, slipping by 1.48% from its previous closing price of $49.25. A total volume of 387.03 thousand shares have exchanged hands, which was higher than the 3-month average volume of 251.36 thousand shares. The company's stock price advanced 5.89% in the last month, 8.04% in the past three months, and 8.42% in the previous six months. The stock has a market capital of $8.34 billion.
At the closing bell, on Friday, November 11, 2016, Eli Lilly's stock marginally fell by 0.86%, ending the trading session at $77.67. A total volume of 3.07 million shares were traded at the end of the day. In the last six months, shares of the company have advanced 0.49%. The company's shares are trading at a PE ratio of 33.73 and have a dividend yield of 2.63%. The stock has a market capital of $85.80 billion.
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