Lupin edges higher after USFDA's approval for generic pain relief drug

Lupin rose 0.11% to Rs 1,538.35 at 9:25 IST on BSE after the company announced that it has received US drug regulator's final approval for generic Norco tablets.

The announcement was made after market hours yesterday, 5 December 2016.

Meanwhile, the S&P BSE Sensex was up 107.53 points or 0.49% at 26,477.01.

On the BSE, 4,660 shares were traded on the counter so far as against the average daily volumes of 98,888 shares in the past one quarter. The stock had hit a high of Rs 1,547 and a low of Rs 1,537 so far during the day.

The large-cap company has equity capital of Rs 90.27 crore. Face value per share is Rs 2.

Lupin announced that Lupin Somerset also known as Novel Laboratories, Inc. received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets, USP, 5mg/325mg, 7.5 mg/325 mg and 10 mg/325 mg from the United States Food and Drug Administration (USFDA) to market a generic equivalent of Allergan Sales LLC's Norco Tablets; 5 mg/325 mg, 7.5 mg/325 mg and 10 mg/325 mg.

The company shall launch the product shortly. It is indicated for the relief of moderate to moderately severe pain. It has annual US sales of $849.50 million as per IMS MAT September 2016 data.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.

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