Dr Reddy's commences operations in Nigeria

Dr Reddys Laboratories Ltd has announced that the Company has expanded its presence in Africa with the opening of its 40th overseas office in Lagos, Nigeria in partnership with Phillips Pharmaceuticals. This distributor-based model will serve the $280 million Nigerian pharmaceutical market.

The Company is initially targeting therapeutic areas tike gastroenterology, diabetes and cancer. The first phase of launch will see major brands like Omez, Reclide, Diavista, Osetron and Docetere 20mg (from amongst the range of oncology drugs) being introduced in the Nigerian market.

Commenting on the opening of the new office, Rajesh Kumar, Head- AMEEERA region said, "we are committed to bringing quality and affordable medicine to people across the world and the initiation of our Nigerian operations is one more step in that direction. With the introduction of our leading brands, we are extremely confident of making our presence felt among the Nigerian medical community."

The stock closed the day at Rs.632.40, down by Rs.6.10 or 0.96%. The stock hit an intraday high of Rs.643.90 and low of Rs.630.50. The total traded quantity was 45436 compared to 2 week average of 144108.

Source : Equity Bulls

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