Lupin gains after USFDA tentative nod for generic drug

Lupin rose 1.21% to Rs 1,484 at 15:19 IST on BSE after the company said it has received tentative approval from the US drug regulator to market a generic version of Livalo Tablets.

The announcement was made during market hours today, 30 December 2016.

Meanwhile, the S&P BSE Sensex was up 255.20 points or 0.97% at 26,621.35.

On the BSE, 32,000 shares were traded on the counter so far as against the average daily volumes of 57,000 shares in the past two weeks. The stock had hit a high of Rs 1,490 and a low of Rs 1,469.95 so far during the day.

The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016.

Lupin announced that it has received tentative approval from the United States Food and Drug Administration to market Pitavastatin tablets, 1 mg, 2 mg, and 4 mg, a generic version of Kowa Company's Livalo tablets. The filing is from Lupin's Pithampur (Indore) manufacturing facility.

Lupin's Pitavastatin tablets are indicated as an adjunctive therapy to diet to reduce elevated total cholesterol, low-density lipoprotein cholesterol, apolipoprotein B, triglycerides, and to increase HDL-C in adult patients with primary hyperlipidemia or mixed dyslipidemia.

Livalo tablets had annual US sales of $245.3 million (IMS MAT Sep 2016).

Lupin's consolidated net profit rose 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.

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. 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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