Lupin inches up after USFDA nod for a generic medicine

Lupin rose 1.29% to Rs 973.25 at 15:01 IST on BSE after the company said that it has received final approval from the USFDA to market a generic version of Takeda Pharmaceuticals USA, Inc.'s (Takeda) Actos.

The announcement was made during market hours today, 9 April 2014.

Meanwhile, the S&P BSE Sensex was up 230.66 points or 1.03% at 22,574.11

On BSE, so far 25,678 shares were traded in the counter as against average daily volume of 62,658 shares in the past one quarter.

The stock hit a high of Rs 982.45 and a low of Rs 962.75 so far during the day. The stock had hit a record high of Rs 1,003 on 3 March 2014. The stock had hit a 52-week low of Rs 606.20 on 9 April 2013.

The stock had underperformed the market over the past one month till 7 April 2014, falling 0.5% compared with the Sensex's 1.93% rise. The scrip had also underperformed the market in past one quarter, rising 3.03% as against Sensex's 7.97% rise.

The large-cap company has equity capital of Rs 89.68 crore. Face value per share is Rs 2.

Lupin announced today, 9 April 2014 that it has received final approval for its Pioglitazone Tablets USP, 15 mg, 30 mg, and 45 mg from the United States Food and Drugs Administration (FDA) to market a generic version of Takeda Pharmaceuticals USA, Inc.'s (Takeda) Actos Tablets, 15 mg, 30 mg, and 45 mg. Lupin Pharmaceuticals Inc. (LPI), the company's US subsidiary would commence marketing the product shortly, Lupin said.

Lupin's Pioglitazone Tablets USP, 15 mg, 30 mg, and 45 mg are the AB-rated generic equivalents of Takeda's Actos Tablets 15 mg, 30 mg, and 45 mg and is indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus in multiple clinical settings, the company said. Actos Tablets had annual US sales of $236 million (IMS MAT December, 2013).

Lupin's consolidated net profit surged 42% to Rs 476.13 crore on 21% growth in net sales to Rs 2982.97 crore in Q3 December 2013 over Q3 December 2012.

Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations 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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