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News > Deals
Dr. Reddy's up 6c in debut
April 11, 2001: 11:24 a.m. ET

Indian pharmaceutical firm gains 6c to $10.10 in NYSE debut
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NEW YORK (CNNfn) - Dr. Reddy's Laboratories Ltd., an Indian pharmaceutical company, gained only 6 cents in its first day of trade Wednesday on the New York Stock Exchange.

Dr. Reddy's hit a high of $10.25 and then fell, closing at $10.10.

graphicDr. Reddy's sold 11.5 million American depositary shares at $10.04 each through underwriters led by Merrill Lynch. Each ADS represents 1/2 of an equity share. Dr. Reddy also trades on the Mumbai (Bombay) Stock Exchange and the National Stock Exchange in India.

Hyderabad, India-based Dr. Reddy's (RDY: Research, Estimates) makes and develops generic drugs and pharmaceuticals in India and exports its products to 60 countries. Brands include Omez, Nise, Stamlo and Enam. Dr. Reddy's also does drug research and has several products in development to treat diabetes, cancer and pain management through its research foundation.

Last May, Dr. Reddy's Labs acquired Cheminor Drugs, making it the third-largest pharmaceutical firm in India. graphic




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