Drug to be imported from Japan for time being, India manufacturing to start soon
Dr Reddy's Laboratories Ltd announced the launch of Avigan (Favipiravir) 200 mg tablets in India
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The company however remains cautiously optimistic of re-calibrating its levers to suit the new business environment, it noted
Dr Reddy's will herewith establish a setup for manufacturing drugs of the same quality as Avigan, and utilize GRA's global sales network to supply the manufactured drugs swiftly and in a stable manner
Ties up with Fujifilm for exclusive rights over Avigan for Indian market, can sell overseas too
Japan's Fujifilm Holdings Corp said it was partnering with Dr Reddy's Labs to sell the anti-flu drug Avigan in India and elsewhere to treat Covid-19, the respiratory disease caused by the coronavirus.
The drug major has also earmarked a capital expenditure (capex) of Rs 1,000 crore for finding various projects during the ongoing financial year
DRL to receive technology transfer from Gilead and would need to scale up manufacturing and obtain regulatory approvals from 127 countries for marketing the drug
Looking at the strong setup on the medium term charts, it would be advisable to buy Nifty around 9,900, for the upside target of 10,300.
Given the huge hit from lockdown, it is not surprising that 44 of the 80 companies have seen sharp cuts ranging 10% to 72%
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The plant is one of the company's three units that were served a warning letter in November 2015 for not following the prescribed operational and manufacturing quality standards
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The deal, which could fetch a consideration amount of Rs 1,850 crore, is expected to close in the first quarter of financial year 2020-21, Wockhardt added.