Hyderabad, India, July 08, 2008: Dr. Reddy’s Laboratories (NYSE: RDY) announced today that it has signed a global distribution agreement for Ibuprofen API with Albemarle Corporation (NYSE: ALB), a US-based specialty chemicals company. The agreement shall come into effect immediately.
As per the agreement, Albemarle shall supply Ibuprofen API from its Orangeburg Plant in South Carolina, US to Dr. Reddy’s for distribution to its global client base. Further terms of the agreement were not disclosed at this moment.
Ibuprofen is used for the management of pain, fever, and inflammation and its market size is estimated at US$ 2.24 billion globally.
The stock closed the day at Rs.649.40, up by Rs.10 or 1.56%. The stock hit an intraday high of Rs.656 and low of Rs.626.60.
The total traded quantity was 39285 compared to 2 week average of 37679.
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