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 Moxifloxacin Hydrochloride Ophthalmic solution USP, 0.5% (base) having received an approval from the United States Food and Drug Administration (USFDA) earlier,” Lupin said in a press release.
It is indicated for the treatment of bacterial conjunctivitis caused by susceptible strains of the organism.
“Lupin's Moxifloxacin Hydrochloride Ophthalmic solution 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.