Lupin inches up after USFDA's tentative nod to market generic drug

Lupin rose 0.62% to Rs 1,461.20 at 14:38 IST on BSE after the company said it has received tentative approval from the US drug regulator to market a generic version of Salix Pharmaceuticals lnc's Giazo tablets, 1.1 gm.

The announcement was made during market hours today, 29 December 2016.

Meanwhile, the S&P BSE Sensex was up 99.16 points or 0.38% at 26,309.84.

On the BSE, 91,000 shares were traded on the counter so far as against the average daily volumes of 89,633 shares in the past one quarter. The stock had hit a high of Rs 1,465.10 and a low of Rs 1,452.20 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. It had underperformed the market over the past one month till 28 December 2016, sliding 3.5% compared with the Sensex's 0.53% fall. The scrip had, however, outperformed the market in past one quarter, declining 4.25% as against the Sensex's 7.36% decline.

The large-cap company has equity capital of Rs 90.29 crore. Face value per share is Rs 2.

Lupin said it has received tentative approval for its Balasalazide Disodium tablets, 1.1 gm from the United States Food and Drug Administration (USFDA) to market a generic version of Salix Pharmaceuticals lnc's Giazo tablets, 1.1 gm. The filing is from Lupin's Goa manufacturing facility.

Lupin's Balasalazide Disodium tablets are the AB rated generic equivalent of Saiix Pharmaceuticals lnc's Giazo tablets. Balasalazide Disodium tablets are indicated for the treatment of mildly to moderately active ulcerative colitis in male patients 18 years of age and older. Giazo tablets had annual US sales of $0.79 million (IMS MAT September 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.

Powered by Capital Market - Live News