Strides Shasun advances after FDA nod for generic tablets

Strides Shasun rose 3.37% to Rs 973 at 9:45 IST on BSE after the company said it has received approval from the US drug regulator for Potassium Citrate Extended-Release Tablets in three vials.

The announcement was made before market hours today, 12 September 2017.

Meanwhile, the S&P BSE Sensex was up 86.53 points or 0.27% at 31,968.69. The S&P BSE Mid-Cap index rose 75.25 points or 0.47% at 15,941.13.

On the BSE, 45,000 shares were traded on the counter so far as against the average daily volumes of 30,440 shares in the past one quarter. The stock had hit a high of Rs 990.40 and a low of Rs 957 so far during the day. The stock had hit a 52-week high of Rs 1,259 on 3 February 2017 and a 52-week low of Rs 848.50 on 24 May 2017.

The stock had outperformed the market over the past one month till 11 September 2017, advancing 7.55% compared with the Sensex's 2.14% rise. The stock had, however, underperformed the market over the past one quarter, sliding 0.1% as against the Sensex's 1.98% rise. The scrip had also underperformed the market over the past one year, declining 4.28% as against the Sensex's 10.71% rise.

The mid-cap company has equity capital of Rs 89.49 crore. Face value per share is Rs 10.

Strides Shasun said it has received approval from the United States Food and Drug Administration (USFDA) for Potassium Citrate Extended-Release Tablets USP, 5 mEq, 10 mEq and 15 mEq. The product, which is the first approval for an Extended Release tablet for the company, will be launched immediately. Strides Shasun will be the second generic player to commercialize the product.

Potassium Citrate, a urinary alkalinizing agent, is used for preventing certain types of kidney stones. According to IMS data, the US market for Potassium Citrate is about $110 million.

On a consolidated basis, Strides Shasun's net profit fell 82.2% to Rs 5.78 crore on 6.6% growth in net sales to Rs 841.77 crore in Q1 June 2017 over Q1 June 2016.

Strides Shasun is a vertically integrated global pharmaceutical company. It has four business verticals viz. Regulated Markets, Emerging Markets, Institutional Business and Active Pharmaceutical Ingredients.

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