** 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))
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