Shares of pharma majors Dr Reddy's Laboratories Limited and Aurobindo Pharma Limited are in focus on reports the two companies have recalled drugs from USA.
Aurobindo Pharma's U.S. division has reportedly recalled Gastroescophageal reflux disease treatment Pantoprazole Sodium for injection from the market. The company has recalled a total of 29,800 vessels of Pantoprazole sodium.
Dr Reddy's Laboratories has recalled Olanzapine tablets, which are used in the treatment of schizophrenia and bipolar disorder. Dr Reddy's has recalled 5904 bottles of Olanzapine tablets.
Dr Reddy's Laboratories has also announced that the United States District Court for the District of New Jersey has found that the company's proposed palonosetron hydrochloride product (0.25 mg / 5ml) infringes certain claims of U.S. Patent and that the asserted claims were not invalid. Dr Reddy's Laboratories has stated that it intends to pursue an appeal in due course.
Shares of Dr Reddy's Laboratories declined to Rs 2798.95 on NSE in early trades this morning, losing about 4%. However, thanks to buying at lower levels, the stock has recovered to Rs 2887.20 now and is down just 0.8% from its previous closing price.
Meanwhile, Aurobindo Pharma is up more than 2% at Rs 249.