Dr Reddy's shares rise as investors cheer US regulatory nod for cancer drug

Dr. Reddy's Laboratories (DRL) shares rose on Tuesday after the drug major announced the launch of a generic version of Nexavar tablets in the US. The drug — also known as Sorafenib — is used in the treatment of certain types of liver, kidney and thyroid cancer.

The US Food and Drug Administration (FDA) gave its nod to the company for the launch of the Dr Reddy’s Sorafenib tablets of USP 200 mg, according to a regulatory filing.

The DRL stock gained by as much as Rs 54 or 1.3 percent to Rs 4,322.2 apiece on BSE. The rise in DRL shares came about despite wild swings in the market, as investors remained cautious about the repercussions of red-hot inflation and the global economy.