Generic drug companies Dr Reddy's Laboratories and Natco Pharma gained more than 2% on Monday as Mylan ($MYL) said its Indian unit will start sales of Gilead Sciences' ($GILD) Sovaldi (sofosbuvir 400) in India, a move that diminishes the likelihood of compulsory licensing of the drug as generic copies have already been licensed to local companies.
Sovaldi made by Gilead Sciences is used in the treatment of chronic hepatitis C infection which the World Health Organization estimates affects 12 million Indians, according to a press release from Mylan.
Gilead appointed Mylan as its exclusive distributor of Sovaldi in India in February with Dr Reddy's selling the generic version since March as well as Mumbai-based Hetero Drugs and Natco Pharma getting approval in India to sell the generic copy as well.
|Gilead's Gregg Alton|
"We are pleased to bring this important therapeutic advance to patients living with hepatitis C in India," said Gregg Alton, executive vice president, Corporate and Medical Affairs for Gilead Sciences, in the release.
Sovaldi is sold by Mylan's dedicated sales force as part of its Hepato Care segment.
- here's the release from Mylan