Strides Shasun hits record high on USFDA nod to market Dutasteride capsules

The stock surged 4% to Rs 1,414, also its record high on the NSE in early morning trade.

Strides Shasun (formerly Strides Arcolab) has surged 4% to Rs 1,414, also its record high on the NSE in early morning trade, after the company said it has received approval from the US Food and Drug Administration (USFDA) to market Dutasteride capsules, 0.50 mg, used in treating enlarged prostate gland, in the American market.

According to IMS sales data, the US market for Dutasteride capsules is around $470 million. The product has gone off patent on November 20 and Strides Shasun is amongst the first wave of generic players to receive this approval, Strides Shasun said in a statement.

The product will be manufactured at the company’s oral dosage facility at Bengaluru, it added.

At 09:21 AM, the stock was up 3% at Rs 1,399 on the NSE. A combined 74,394 shares changed hands on the counter on the NSE and BSE.

Strides Shasun was formed by the merger of Bengaluru-based Strides Arcolab and Shasun Pharmaceuticals.