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Lupin rebounds 5% from 52-week low on drug launch

The stock up 4% to Rs 1,086, bouncing back 5% from 52-wk low of Rs 1,036 hit in intra-day trade

SI Reporter  |  Mumbai 

Lupin Pharma

moved higher by 4% to Rs 1,086, bouncing back 5% from intra-day low on National Stock Exchange (NSE), after the company said it has launched in the US market its generic version of used for treating bacterial conjunctivitis.

The stock hit a 52-week low of Rs 1,036 on NSE in intra-day trade. At 01:22 pm; it was up 3.7% at Rs 1,082, as compared to 0.15% rise in Nifty 50 index and 0.72% gain in Nifty Pharma index. A combined 2.89 million shares changed hands on the counter on BSE and NSE so far.

“The company launched USP, 0.5% (base) having received an approval from the United States Food and Drug Administration (USFDA) earlier,” said in a press release.

It is indicated for the treatment of bacterial conjunctivitis caused by susceptible strains of the organism.

“Lupin's USP, 0.5% (base), is an AT1 rated generic equivalent of Novartis Pharms Corp.'s Vigamox Opthalmic solution,” it added.

Vigamox Opthalmic solution had US sales of $267.9 million, as per IMS MAT March, 2017.

First Published: Wed, July 05 2017. 13:26 IST