rediff.com: Clinical development on key Dr Reddy's drug halted: Reuters



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Clinical development on key Dr Reddy's drug halted

Drugmaker Dr Reddy's said on Monday that Denmark's Novo Nordisk, the world's biggest diabetes care company, had suspended the clinical development of a key anti-diabetic drug Ragaglitazar, which it had licensed from Dr. Reddy's.

The news appeared on the Bombay Stock Exchange Web site, www.bseindia.com. Shares of Dr. Reddy's fell 18.2 per cent to Rs 830 after the news.

New York Stock Exchange-listed Dr Reddy's, based in Hyderabad, licensed the novel dual-acting diabetes drug to Novo Nordisk and receives 'milestone' payments when the drug crosses various stages of development.

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