Strides Pharma gains after arm gets USFDA nod for potassium deficiency drug

Strides Pharma Science rose 1.63% to Rs 336.20 after the company said that its step-down wholly owned subsidiary, Strides Pharma Global, Singapore, has received approval from the US drug regulator for Potassium Chloride Oral Solution.

Potassium Chloride Oral Solution is indicated for the treatment and prophylaxis of hypokalemia with or without metabolic alkalosis, in patients for whom dietary management with potassium rich foods or diuretic dose reduction is insufficient.

The said drug is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Potassium Chloride Oral Solution USP, of Genus Lifesciences Inc.

The product approval further strengthens the Potassium Chloride franchise for the company which now comprises of extended-release capsules, extended-release tablets, powder for oral solutions and oral solutions. The company also has a pipeline of other Potassium Chloride products which are expected to be approved and launched in FY24.

Accroding to IQVIA, the entire Potassium Chloride range of products for the company has a cumulative market opportunity of approximately $330 million.

The pharmaceutical company said that the products will be manufactured at the company's facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market.

The company has 280 cumulative ANDA filings (including the recently acquired portfolio from Endo at Chestnut Ridge) with USFDA of which 261 ANDAs have been approved and 19 are pending approval. The company has set a target to launch around 20 new products every year in the US.

Bengaluru-based Strides Pharma Science is a global pharmaceutical company. It mainly operates in the regulated markets and has an "in Africa for Africa" strategy and an institutional business to service donor-funded markets.

The company reported a consolidated net profit of Rs 22.83 crore in Q2 FY23 against a net loss of Rs 162.56 crore posted in Q2 FY22. Net sales jumped 24.3% year on year to Rs 897.10 crore in Q2 FY23.

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