APH 2.13% 46.0¢ australian primary hemp limited

how its view from dr reddy watchers

  1. 156 Posts.
    Elara Capital has given an accumulate rating to Dr Reddy?s Labs with a target price of Rs 1,854.

    The US FDA has approved Dr Reddy?s ANDA application on Fondaparinux after 27 months post acceptance for priority review in May 2009 (under GIVE initiative). Dr Reddy?s has partnership with Alchemia, Australia for its patented technology in the synthesis of carbohydrate-based drugs. Fondaparinux was patented by GSK with its brand Arixtra in the US.

    Generic Arixtra/Fondaparinux is a synthetic heparin and used as blood thinning agent to prevent deep vein thrombosis (DVT) and pulmonary embolism. The drug is hospital based injectable and administered subcutaneous.

    Dr Reddy?s has approval for launching the drug in four strengths (2.5mg/0.5ml, 5mg/0.4ml, 7.5mg/0.6ml, 10mg/0.8ml).

    With traditional difficulties of synthesis and the potential versatility of carbohydrates as scaffolds for drugs, Fondaparinux has unusually high entry barrier for generic competition.

    The process is so complicated that Arixtra was launched in 2002 post expiry of its patented period and given five years data exclusivity till 2006.

    Alchemia, with its leadership technology, has achieved low-cost synthetic heparin. With no visibility of next ANDA and no facilities of priority review, we expect duopoly of GSK and Dr Reddy?s in Fondaparinux till 2014.

    ?With GSK?s reported US sales of $274 million (in 2010) and $283million (in trailing 12 months) in Fondaparinux, we expect minimum price erosion post genericisation. We assume 7% and 10% discount to originator price in FY12 and FY13 due to duopoly till 2014. We expect PV of EPS (FY12-13) INR12.3 with our assumption of Dr Reddy?s 40% share in operating profit from Fondaparinux sales in US. We maintain Accumulate with a target price of Rs 1,854,? the brokerage said in a note.
 
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