Dr Reddy's flares up 6% after launching generic drug of nexium in US

Shares of Dr Reddy’s Laboratories rallied sharply in a sluggish broad market sentiment, surging over 6 percent, after the company announced that it has launched the generic drug of nexium in the US market on Friday. [caption id=“attachment_2447226” align=“alignleft” width=“380”] Reuters[/caption] After rising 6.3 percent to touch a high of Rs 4,222.75, Dr Reddy’s shares at 10.45 am were traded at Rs 4,205, up 5.9 percent from its previous close. Amid sharp rally, the stock outperformed the BSE Healthcare index, which was up 0.5 percent. In a release issued to BSE, the company said it has launched esomeprazole magnesium delayed-release capsule in 20 mg and 40 mg packs following the US FDA approval. The therapeutic equivalent generic of nexium had registered sales of $5.2 billion in the US for the 12 months ended July 2015, according to IMS Health.