Strides Shasun sweetens after USFDA nod for Ketoconazole

Strides Shasun rose 2.03% to Rs 413.05 at 11:47 IST on BSE after the company announced that its wholly owned subsidiary has received final approval for Ketoconazole Tablets from USFDA.

The announcement was made during market hours today, 19 June 2018.

Meanwhile, the S&P BSE Sensex was down 210.38 points, or 0.59% to 35,337.88.

On the BSE, 4.36 lakh shares were traded in the counter so far compared with average daily volumes of 7.96 lakh shares in the past two weeks. The stock had hit a high of Rs 419.70 and a low of Rs 406.95 so far during the day. The stock hit a 52-week high of Rs 1,066.17 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 Pte. has received final approval for Ketoconazole Tablets USP, 200 mg from the United States Food & Drug Administration (US FDA). Ketoconazole Tablets is a generic version of Nizoral Tablets, 200 mg, of Janssen Pharmaceuticals, Inc.

Ketoconazole Tablet is part of the niche and small volume product portfolio with limited competition in the US market. As per IQVIA MAT April 2018 data, the US market for Ketoconazole Tablets was approximately $7 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.

Strides Shasun has 75 cumulative ANDA filings with USFDA of which 49 ANDAs have been approved as of date and 26 are pending approval.

On a consolidated basis, net profit of Strides Shasun rose 337.23% to Rs 576.71 crore on 59.04% rise in total income to Rs 1276.20 crore in Q4 March 2018 over Q4 March 2017.

Strides Shasun is global pharmaceutical company. The company has two business verticals, viz., Regulated Markets and Emerging Markets.

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