Shares of Caplin Point Laboratories were locked in the 20 per cent upper circuit at Rs 245 on the BSE on Thursday after the company’s arm Caplin Steriles received final approval from the US drug regulator for Verapamil Hydrochloride injection.
Verapamil Hydrochloride is a calcium channel blocker used in the treatment of cardiac conditions such as high blood pressure, arrhythmias and angina.
Till 12:38 pm, a combined 163,654 shares have changed hands on the NSE and BSE, and there were pending buy orders for 18,735 shares, exchange data shows.
"The company’s wholly owned subsidiary, Caplin Steriles, has been granted final approval by the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Verapamil Hydrochloride injection USP, 5 mg/2 mL (2.5 mg/mL) and 10 mg/4 mL (2.5 mg/mL) single-dose vial, a generic therapeutic equivalent version of (RLD), Isoptin injection, 2.5 mg/mL, of Mt. Adams Technologies LLC," Caplin Point Laboratories said in a press release.
According to IQVIA (IMS Health), Verapamil Hydrochloride injection USP had US sales data of approximately $28 million for the 12-month period ending December 2019.
Caplin Steriles has developed and filed 15 ANDAs on its own and with partners, with 7 approvals so far. The company is also working on a portfolio of 35 simple and complex injectable and ophthalmic products, to be filed over the next 4 years, it added.
The stock of Caplin Point had hit a 52-week low of Rs 180 on Tuesday in the intra-day trade. Besides, it has tanked 61 per cent from its 52-week high level of Rs 466 touched on June 2019.