Global pharmaceutical giant Novartis has announced
its decision to discontinue further development
of DRF-4158, an insulin sensitiser compound for
Reddys had out-licensed DRF-4158 to Novartis during
May 2001 for development and commercialisation of the
compound in return for an upfront payment of $5 million.
exact reasons for Novartis decision to terminate
the clinical trials on DRF-4158 are not known.
sharply to the development, the stock markets pulled down
Dr Reddys scrip by Rs 43.90 on 23 January 2003,
a dip of 4.6 per cent. The scrip, which opened at Rs 948.90
on the National Stock Exchange (NSE), closed at Rs 905.
During the day, the scrip went down as low as Rs 883.80.
As many as 4.93 lakh shares were traded on the NSE alone,
involving Rs 45.16 crore.
a press release, Dr Reddys said: Novartis
will continue its collaboration with Dr Reddys for
an additional dual acting insulin sensitiser compound.