Strides Shasun gains after USFDA nod for Oseltamivir Phosphate capsules

Strides Shasun rose 2.22% to Rs 357.40 at 10:48 IST on BSE after the company said its unit received final approval from the US drug regulator for Oseltamivir Phosphate capsules.

The announcement was made after market hours yesterday, 11 June 2018.

Meanwhile, the S&P BSE Sensex was up 153.91 points, or 0.43% to 35,637.38.

On the BSE, 4.06 lakh shares were traded in the counter so far compared with average daily volumes of 4.43 lakh shares in the past two weeks. The stock had hit a high of Rs 369 and a low of Rs 356.20 so far during the day. The stock hit a 52-week high of Rs 1,128.09 on 24 July 2017. The stock hit a 52-week low of Rs 334.10 on 8 June 2018.

Strides Shasun announced that its wholly-owned subsidiary Strides Pharma Global has received final approval for Oseltamivir Phosphate capsules USP, 30 mg (base), 45 mg (base), and 75 mg (base) from the United States Food & Drug Administration (USFDA).

Oseltamivir Phosphate Capsules is a generic version of Tamiflu capsules of Hoffmann-La Roche, Inc. Oseltamivir Phosphate capsule is prescribed to treat symptoms caused by the flu virus (influenza). It helps make the symptoms such as stuffy nose, cough, sore throat, fever/ chills, aches, and tiredness less severe and shortens the recovery time.

As per IQVIA MAT April 2018 data, the US market for Oseltamivir Phosphate capsules was approximately $725 million. The product will be manufactured at the company's oral dosage facility at Bangalore and will be marketed by Strides Pharma Inc. in the US market. The company has 75 cumulative abbreviated new drug application (ANDA) filings with USFDA of which 48 ANDAs have been approved as of date and 27 are pending approval.

On a consolidated basis, net profit of Strides Shasun rose 337.23% to Rs 576.71 crore on 1.92% decline in net sales to Rs 664.15 crore in Q4 March 2018 over Q4 March 2017.

Strides Shasun is global pharmaceutical company.

Powered by Capital Market - Live News