Lupin gains on reports of getting USFDA approval for anti-diabetes drug

Lupin rose 1.06% to Rs 1,975.40 at 14:35 IST on BSE on reports the company received an approval from the US drug regulator for selling generic diabetes drug in the US market.

Meanwhile, the BSE Sensex was up 60.18 points, or 0.21%, to 28,506.30.

On BSE, so far 33,000 shares were traded in the counter, compared with an average volume of 1.05 lakh shares in the past one quarter.

The stock hit a high of Rs 1,982.45 and a low of Rs 1,962.05 so far during the day. The stock hit a record high of Rs 2,112 on 8 April 2015. The stock hit a 52-week low of Rs 1,063 on 17 July 2014.

The stock had outperformed the market over the past one month till 16 July 2015, rising 15.48% compared with 6.59% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 2.99% as against Sensex's 0.77% fall.

The large-cap company has an equity capital of Rs 89.98 crore. Face value per share is Rs 2.

According to reports, Lupin has received an approval from the US Food and Drug Administration (USFDA) for PrandiMet (also known as Prandin) generic that is used for treatment of type 2 diabetes.

Danish pharma company Novo Nordisk is the innovator of the drug that has been approved to lower blood glucose in adult patients, reports added.

The product is expected to have sales of $200-$300 million in the US. The drug could be limited competition for the company and can contribute around $50 million on sales, reports said.

On consolidated basis, Lupin's net profit fell 1.1% to Rs 547.01 crore on 1% decline in total income to Rs 3095.35 crore in Q4 March 2015 over Q4 March 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.

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