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Dr. Reddy's Laboratories (DRL) shares rose on Tuesday after the drug major announced the launch of a generic version of Nexavar tablets in the US. The drug — also known as Sorafenib — is used in the treatment of certain types of liver, kidney and thyroid cancer.

The US Food and Drug Administration (FDA) gave its nod to the company for the launch of the Dr Reddy’s Sorafenib tablets of USP 200 mg, according to a regulatory filing.

The DRL stock gained by as much as Rs 54 or 1.3 percent to Rs 4,322.2 apiece on BSE. The rise in DRL shares came about despite wild swings in the market, as investors remained cautious about the repercussions of red-hot inflation and the global economy.

“We are pleased to launch this important generic product, illustrating our continued commitment to bring affordable generic medicines to market for patients,” says Marc Kikuchi, CEO-North America Generics at Dr Reddy’s.

The Dr Reddy’s Sorafenib tablets are available in a bottles count size of 120.

Analysts expect limited competition in the $70 million market for the drug.

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