Dr Reddy's shares hit new 52-week high on deal with Amgen

Dr Reddy's Laboratories shares on Thursday climbed as much as 3.2 per cent to hit a 52-week high of Rs 4,326.5 after the company announced a collaboration with global pharma major Amgen.

At 11.30 am, Dr Reddy's stock was trading at Rs 4,292.95, up 2.3 per cent from the previous close.

The company said it has inked a pact with the US-based biotechnology firm  to market its three drugs used to treat heart diseases and cancer in India. The Hyderabad-based firm said it has entered into a strategic collaboration with Amgen to market and distribute three Amgen medicines in India in oncology and cardiology.

Under the terms of the collaboration, Dr Reddy's shall undertake a full range of regulatory and commercial services to seek approval and launch the three drugs - Kyprolis, Blincyto and Repatha - in India.

Shares of the company closed at Rs 4270.10 per share, up 1.79 per cent or 75.15 points on Bombay Stock Exchange.