Lupin extends gain on launch of generic ophthalmic solution in US market

The stock was up 3% at Rs 885 on the Bombay Stock Exchange.

Lupin has moved higher by 3% at Rs 885, extending its previous day’s 1% gain, after the pharmaceutical company said it has launched the generic version of Allergan Inc's Zymaxid Ophthalmic Solution in the US market with 180 days of marketing exclusivity.

Lupin Pharmaceuticals Inc. (LPI), the US subsidiary of pharmaceutical major, Lupin, announced that it has launched its generic Gatifloxacin Ophthalmic Solution, 0.5%. Lupin had earlier received final approval from the United States Food and Drugs Administration (US FDA) to market a generic version of Allergan Inc.’s Zymaxid™ Ophthalmic Solution, 0.5%, Lupin said in a statement.

"Zymaxid Ophthalmic Solution 0.5 per cent had annual US sales of around $62.3 million (IMS MAT June 2013 data). Lupin was the first applicant to file an abbreviated new drug application (ANDA) for Zymaxid Ophthalmic Solution and as such will be entitled to 180 days of marketing exclusivity," the company said.

The stock opened at Rs 862 and hit a high of Rs 887 on the BSE. A combined 671,950 shares change hands on the counter till early noon deals on BSE and NSE.