Lupin gains after launching Generic Glumetza HCI ER Tablets in US

Lupin rose 0.27% to Rs 1,706 at 15:16 IST on BSE, after the company announced that its US subsidiary has launched its Metformin HCI ER Tablets, 500 mg and 1000 mg in the US.

The announcement was made during market hours today, 2 February 2016.

Meanwhile, the BSE Sensex was down 303.42 points, or 1.22% to 24,521.41

On BSE, so far 45,471 shares were traded in the counter, compared with an average volume of 57,624 shares in the past one quarter. The stock hit a high of Rs 1,733 and a low of Rs 1,700.05 so far during the day. The stock had hit a record high of Rs 2,127 on 6 October 2015. The stock had hit a 52-week low of Rs 1,523.55 on 3 February 2015. The stock had underperformed the market over the past one month till 1 February 2016, sliding 7.81% compared with 5.11% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 11.67% as against Sensex's 6.87% fall.

The large-cap company has an equity capital of Rs 90.11 crore. Face value per share is Rs 2.

Lupin announced today, 2 February 2016 that its US subsidiary, Lupin Pharmaceuticals Inc. has launched its Metformin HCI ER Tablets, 500 mg and 1000 mg to market a generic equivalent of Santarus Inc.'s Glumetza HCI ER Tablets, 500 mg and 1000 mg. Lupin's Metformin HCI ER Tablets, 500 mg and 1000 mg are the AB-rated generic equivalent of Santarus Inc.'s Glumetza HCl ER Tablets, 500 mg and 1000 mg strengths. It is indicated as an adjunct to diet and exercise to improve glycemic control in adults with type II diabetes mellitus. Lupin is eligible for 180 days of generic drug exclusivity for its Metformin HCI ER Tablets, 500 mg and 1000 mg, the company said. Glumetza HCI ER Tablets had US sales of $450.4 million (IMS MAT September 2015), it added.

Lupin announces its Q3 December 2015 result on 5 February 2016. The company's consolidated net profit dropped 35.1% to Rs 408.84 crore on 2% rise in net sales to Rs 3178.29 crore in Q2 September 2015 over Q2 September 2014.

Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations as well as biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-Infective and NSAID space and holds global leadership positions in the Anti-TB and Cephalosporin segment.

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