Lupin in the pink of health

Lupin rose 1.18% to Rs 1,789.50 at 12:19 IST on BSE after the firm said its Canadian unit has launched its first branded product Zaxin under a strategic licensing agreement with the North Carolina based GI specialty company Salix Pharmaceuticals Inc.

The announcement was made during market hours today, 20 April 2015.

Meanwhile, the S&P BSE Sensex was down 244.20 points or 0.86% at 28,197.90.

On BSE, so far 5.74 lakh shares were traded in the counter as against average daily volume of 65,555 shares in the past one quarter.

The stock hit a high of Rs 1,800 and a low of Rs 1,751.25 so far during the day. The stock had hit a record high of Rs 2,112 on 8 April 2015. The stock had hit a 52-week low of Rs 903.95 on 27 May 2014.

The stock had underperformed the market over the past one month till 17 April 2015, sliding 5.74% compared with Sensex's 1.02% fall. The scrip had, however, outperformed the market in past one quarter, jumping 23.77% as against Sensex's 1.14% rise.

The large-cap company has equity capital of Rs 89.90 crore. Face value per share is Rs 2.

Lupin said that its Canadian subsidiary, Lupin Pharma Canada (collectively Lupin) has launched its first Brand product Zaxine under a strategic licensing agreement with the North Carolina based GI specialty company Salix Pharmaceuticals Inc. The agreement grants Lupin exclusive rights to promote, distribute and market Zaxine in the Canada, Lupin said in a statement.

Zaxine 550mg (rifaximin) is a long term antibiotic treatment for adults living with hepatic encephalopathy (HE), a complication of liver disease (cirrhosis).

Lupin will promote the product to Hepatologists and Gastroenterologists through its own specialty sales force in Canada, the company said. Lupin is in the process of establishing its Canadian presence and the launch opens up growth opportunities for the future, it added. Zaxine is a 'First-in-Class' treatment for HE that currently has limited options for long term treatment, Lupin said in a statement.

Lupin's consolidated net profit rose 26.3% to Rs 601.45 crore on 5.4% growth in net sales to Rs 3144.91 crore in Q3 December 2014 over Q3 December 2013.

Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations as well as biotechnology product and APIs globally.

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