Dr. Reddy`s Laboratories rises as its arm acquires 6.46% stake Edity Therapeutics
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Dr. Reddy's Laboratories is currently trading at Rs. 5828.15, up by 30.25 points or 0.52% from its previous closing of Rs. 5797.90 on the BSE.
The scrip opened at Rs. 5818.95 and has touched a high and low of Rs. 5853.85 and Rs. 5811.85 respectively. So far 2598 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 5986.20 on 24-Aug-2023 and a 52 week low of Rs. 4176.85 on 25-Jan-2023.
Last one week high and low of the scrip stood at Rs. 5889.90 and Rs. 5602.90 respectively. The current market cap of the company is Rs. 97183.15 crore.
The promoters holding in the company stood at 26.66%, while Institutions and Non-Institutions held 49.23% and 10.09% respectively.
Dr. Reddy's Laboratories’ wholly-owned step-down subsidiary -- Dr. Reddy’s Laboratories, Inc. has acquired 1,014,442 Preferred A-1 shares of Edity Therapeutics (Edity), a biotechnology company, equivalent to 6.46% of the shareholding of Edity on fully diluted basis. The Preferred A-1 shares have been allotted on December 28, 2023.
The funds invested by the company would be utilized by Edity to further develop its technology platform. This includes performing pre-clinical studies for safety and efficacy evaluation, securing intellectual property through patent filings, and exploring licensing opportunities, collaborations, and market entry strategies to optimize the commercial viability of Edity's technology platform.
Edity is an Israel based development stage biotechnology company focusing on a breakthrough platform technology for intracellular delivery of therapeutic proteins utilizing immune cells.
Dr. Reddy's Laboratories is a multinational pharmaceutical company based in Hyderabad, Telangana in India. It manufactures and markets a wide range of pharmaceuticals in India and overseas.
