Dr.Reddy’s Lab announced today morning that it has entered into a strategic collaboration with Amgen, one of the world's leading independent biotechnology companies. This deal is for marketing and distributing three Amgen medicines in India in the areas of oncology and cardiology.

Under the terms of the collaboration, Dr Reddy's shall perform a full range of regulatory and commercial services to seek approval and launch Kyprolis (carfilzomib), BLINCYTO (blinatumomab) and Repatha (evolocumab) in India. The collaboration leverages the capabilities of both companies, combining three of Amgen's innovative therapies with Dr Reddy's deep understanding of patient and physician needs in India.

And in another development, the company which recently undertook a rebranding exercise, said that it plans to monetize its two new drugs, one in dermatology and another in neurology in the US in the next two years. It plans to launch the first drug in the next 12-18 months and plans to have more products every year. The company expects this business of proprietary drugs to become one of its most significant contributors in next 5-7 years.

The market is thrilled to bits with this news – the stock has hit a life time high today at Rs.4325