Indian drugmaker Dr Reddy's up on partnership to develop cancer immunotherapy

Alvotech SA

05/06/2025 05:24

** India's Dr Reddy's Laboratories REDY.NS climbs 2.2% to 1,278.80 rupees

** Stock top gainer on pharma index .NIPHARM, which is trading 0.9% higher

** Drugmaker partners with U.S.-listed biosimilars maker Alvotech ALVO.O to develop a biosimilar for Merck's MRK.N cancer immunotherapy Keytruda

** Keytruda, which belongs to a class of immunotherapy called PD-L1 inhibitor, had global sales of $29.5 bln in 2024 - REDY

** REDY and ALVO will jointly develop the therapy and will have rights to commercialize the product globally - companies

** REDY third-cheapest stock with fwd 12-mth PE ratio of 18.8 on pharma index

** YTD, REDY down 7.5% vs pharma index's 8% decline

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))