Dr. Reddy's Laboratories Ltd. RDY announced that it has re-launched esomeprazole magnesium delayed-release capsules, the generic version of AstraZeneca PLC’s AZN Nexium, in the U.S. The re-launch is due to a change in the color of the capsule.
We remind investors that in Nov 2015, Dr Reddy’s announced that the District Court of Delaware has granted a temporary restraining order with immediate effect on sales, delivery, transfer or other disposition of the company’s generic version of Nexium in the U.S. after AstraZeneca objected to the usage of the color purple in the generic version.
We note that Nexium is approved in the U.S. for the treatment of the symptoms of acid reflux disease, which typically include persistent heartburn on two or more days per week, despite treatment and change of diet.
Dr Reddy’s Global Generics segment generated sales of $500 million in the second-quarter fiscal 2016, up 14.4% year over year driven by strong sales in North America, Europe and India.
To the date of announcement of its second-quarter fiscal 2016 results, the company had 76 Abbreviated New Drug Applications (ANDAs) pending FDA approval, of which 50 are Para IV filings and 18 had a “first-to-file” status.
Dr. Reddy's currently carries a Zacks Rank #5 (Strong Sell). A couple of better-ranked stocks in the health care sector are Horizon Pharma plc HZNP and Achillion Pharmaceuticals, Inc. ACHN, both sporting a Zacks Rank #1 (Strong Buy).
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