Dr. Reddy’s gains after diabetes drug meets trial aim

Dr. Reddy’s Laboratories Ltd, India’s second-biggest drugmaker, gained the most in eight weeks in Mumbai after its diabetes drug met targets in phase-3 clinical trials. The shares rose 3.1 per cent to 1,177.45 rupees, the most since November 11, at the close of trading in Mumbai today. The shares have tripled in the last 10 months. Hyderabad-based Dr. Reddy’s and Denmark’s Rheoscience said after trading hours yesterday that their balaglitazone diabetes drug reduced blood glucose levels in studies conducted on 409 patients over 26 weeks. Balaglitazone belongs to the same family of drugs as Takeda Pharmaceutical Co.’s best-selling diabetes pill Actos, which generated ¥194.8bn ($2.1bn) in global sales in the six months ended September 30.