Laurus Labs inches up after securing drug approval

Laurus Labs rose 0.84% to Rs 536.95 at 11:34 IST on BSE after the company announced that it has received maiden approval from the US drug regulator for Tenofovir Disoproxil Fumarate Tablets 300mg.

The announcement was made after market hours on Thursday, 1 March 2018. The stock market was closed on Friday, 2 March 2018 on account of Holi.

Meanwhile, the S&P BSE Sensex was down 289.12 points or 0.85% at 33,757.82. The S&P BSE Mid-Cap index fell 157.67 points or 0.96% to 16,303.60.

On the BSE, 7,841 shares were traded on the counter so far as against average daily volumes of 52,000 shares in the past two weeks. The stock had hit a high of Rs 547.50 and a low of Rs 534 so far during the day. The stock had hit a record high of Rs 634 on 12 June 2017 and a 52-week low of Rs 485 on 5 February 2018.

The mid-cap company has equity capital of Rs 106.03 crore. Face value per share is Rs 10.

Laurus Labs said that the company has received its maiden approval from United States Food and Drug Administration (USFDA) for Tenofovir Disoproxil Fumarate Tablets 300mg. Tenofovir Disoproxil Fumarate Tablets 300mg is therapeutically equivalent to VIREAD Tablets 300mg of Gilead Science (GILEAD). Tenofovir Disoproxil Fumarate Tablets 300mg is used for treatment of HIV-1 infection in adults and paediatric patients 2 years of age and older.

Laurus Labs also announced that the USFDA has successfully completed without observations - Zero 483 for its unit 2 (formulations unit). The inspection was carried out from 26 February to 1 March 2018.

Laurus Labs' consolidated net profit fell 22.55% to Rs 34.87 crore on 5.28% decline in net sales to Rs 478.93 crore in Q3 December 2017 over Q3 December 2016.

Laurus Labs is a research and development driven pharmaceutical company in India.

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