Strides Shasun gains after USFDA approval for drug

Strides Shasun rose 1.06% to Rs 835.15 at 10:07 IST on BSE after the company said it received US drug regulator's approval for Acetazolamide tablets.

The announcement was made during trading hours today, 22 November 2017.

Meanwhile, the S&P BSE Sensex was up 59.21 points, or 0.18% to 33,537.56.

On the BSE, 17,000 shares were traded in the counter so far, compared with average daily volumes of 75,010 shares in the past one quarter. The stock had hit a high of Rs 837 and a low of Rs 827.05 so far during the day. The stock hit a 52-week high of Rs 1,259 on 3 February 2017. The stock hit a 52-week low of Rs 754 on 9 November 2017.

The stock had underperformed the market over the past 30 days till 21 November 2017, falling 2.92% compared with 2.99% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9.66% as against Sensex's 6.05% rise. The scrip had also underperformed the market in past one year, falling 21.35% as against Sensex's 28.96% rise.

The mid-cap company has equity capital of Rs 89.50 crore. Face value per share is Rs 10.

Strides Shasun announced that its wholly-owned subsidiary Strides Pharma Global has received approval from the United States Food & Drug Administration (USFDA) for Acetazolamide tablets USP, 125 milligram (mg) and 250 mg, a generic version of Diamox tablets.

According to IMS data, the US market for Acetazolamide tablets is approximately $53 million. The approval, which was received in a short span of 11 months, demonstrates company's strategy of building a niche portfolio in regulated markets, having limited competition. The product, to be launched immediately, will be marketed by Strides Pharma Inc. in the US market.

Acetazolamide tablets is used to prevent and reduce the symptoms of altitude sickness. Acetazolamide is also used with other medications to treat a certain type of eye problem (open-angle glaucoma).

On a consolidated basis, net profit of Strides Shasun declined 87.44% to Rs 10.73 crore on 14.18% rise in net sales to Rs 995.60 crore in Q2 September 2017 over Q2 September 2016.

Strides Shasun is a vertically integrated global pharmaceutical company.

Powered by Capital Market - Live News