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Home Industry News Dr Reddy’s share prices soar amid GlaxoSmithKline rumours

Dr Reddy’s share prices soar amid GlaxoSmithKline rumours

9th October 2009

Dr Reddy’s, a pharmaceutical supply firm, saw its share prices rise by 3.7 per cent after reports that GlaxoSmithKline is interested in buying a stake in the company.

Bloomberg reported that, following the news, Dr Reddy’s stock rose to its highest point since the news provider started tracking it back in 1991.

Bino Pathiparampil, an analyst at India Infoline, told the news provider: “The acquisition of a small stake is a possibility as big pharmaceutical companies are looking at small generic drugmakers in emerging markets.”

Dr Reddy’s was established in 1984 with a mission to provide more affordable medicines through its pharmaceutical, global generics and proprietary products businesses.

Its products are marketed in Europe, Russia, India and the US and the firm also conducted research in areas such as anti-infectives, inflammation, metabolic disorders and cardiovascular indications.

Earlier this year, it announced that it had reached a landmark revenue milestone in Russia and the Commonwealth of Independent States region of $150 million (93.6 million pounds).

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