Lupin gains on FDA approval

Subsidiary gets nod to market Kurvelo

Lupin has added1% to Rs 576 on news that its subsidiary has received American health regulator's approval to market its generic oral contraceptive tablets 'Kurvelo' in the US market.

The company's subsidiary -- Lupin Pharmaceuticals Inc has received final approval from US Food and Drugs Administration (USFDA) for its oral contraceptive Kurvelo tablets, Lupin Ltd said in a statement.

According to industry sources, the oral contraceptive (OC) market in the US is valued at over $5 billion and growing at around 8% annually.

Shares of Lupin are trading higher by 1% at Rs 576 this afternoon. It had earlier touched a high of Rs 580 - up 1.5% from the previous close. The stock is now just 9% away from its 52 week high of Rs 632. Around 34,000 shares have changed hands on the counter so far as against 85,000 shares traded on an average in the last two week on the BSE.