Lupin gains after tentative USFDA nod for generic drug

Lupin rose 1.28% to Rs 1,535.50 at 13:59 IST on BSE after the company said its US subsidiary has received tentative approval for its Moxifloxacin Hydrochloride Tablets, 400 mg from the United States Food & Drug Administration.

The announcement was made during market hours today, 6 September 2016.

Meanwhile, the S&P BSE Sensex was up 308.66 points or 1.08% at 28,840.77.

On BSE, so far 44,000 shares were traded in the counter as against average daily volume of 1.15 lakh shares in the past one quarter. The stock hit a high of Rs 1,537.50 and a low of Rs 1,514.50 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 1,294.05 on 29 March 2016. The stock had underperformed the market over the past one month till 2 September 2016, sliding 11.05% compared with Sensex's 1.97% rise. The scrip had also underperformed the market in past one quarter, gaining 2.73% as against Sensex's 6.29% rise.

The large-cap company has equity capital of Rs 90.21 crore. Face value per share is Rs 2.

Lupin announced that its US subsidiary, Gavis Pharmaceuticals LLC, USA has received tentative approval for its Moxifloxacin Hydrochloride Tablets, 400 mg from the United States Food & Drug Administration (USFDA) to market a generic version of Bayer Healthcare Pharmaceuticals Inc's Avelox Tablets, 400 mg (base). It is a fluoroquinolone antibacterial indicated for the infections in adults 18 years of age and older caused by designated susceptible bacteria in certain conditions. Avelox has annual US sales of $30.1 million as per IMS MAT June 2016 data.

Lupin's consolidated net profit rose 55.1% to Rs 881.95 crore on 40% growth in net sales to Rs 4313.56 crore in Q1 June 2016 over Q1 June 2015.

Lupin is a pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (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 position in the anti-TB segment.

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