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Shares of Dr Reddy's Laboratories hit over 4-month high on USFDA approval for generic Suboxone sublingual film. The stock climbed as much as 3.4 per cent to Rs 2,347.10, highest since January 30.
The stock was on track to post gains for a 7th straight session. More than 950,000 shares traded versus their 30-day moving average of 794,280.
The pharma major has received final approval from the US Food and Drug Administration for Buprenorphine and Naloxone Sublingual Film. It is a therapeutic equivalent generic version of Suboxone (buprenorphine and naloxone) sublingual film.
Buprenorphine and naloxone are used to treat adults with opioid dependence/addiction. Buprenorphine helps suppress withdrawal symptoms caused by discontinuation of opioid drugs, and naloxone reverses and blocks the effect of opioids.
The stock has fallen 6 per cent this year up to Thursday's close.
(With inputs from Reuters)
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