Strides receives USFDA approval for Butalbital, Acetaminophen, Caffeine, and Codeine Phosphate Capsules
Key equity indices trimmed losses in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 318.69 points or 0.84% at 37,715.45. The Nifty 50 index lost 91.55 points or 0.81% at 11,159. Shares declined across Asia amid concerns about fresh pandemic lockdowns in Europe.
The broader market tumbled. The S&P BSE Mid-Cap index fell 1.71% while the S&P BSE Small-Cap index declined 1.86%.
Sellers outweighed buyers. On the BSE, 532 shares rose and 1897 shares fell. A total of 130 shares were unchanged.
Total COVID-19 confirmed cases worldwide stood at 31,322,314 with 964,765 deaths. India reported 975,861 active cases of COVID-19 infection and 88,935 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.58% to 22.3175. The Nifty September 2020 futures were trading at 11,167.10, at a premium of 8.1 points compared with the spot at 11,159.
The Nifty option chain for 24 September 2020 expiry showed maximum Call OI of 56.75 lakh contracts at the 11,500 strike price. Maximum Put OI of 43.21 lakh contracts was seen at 11,000 strike price.
The Nifty Metal index fell 1.66% to 2,203.15. The index has lost 8.1% in four sessions.
MOIL (down 4.62%), APL Apollo Tubes (down 4.47%), Jindal Steel & Power (down 3.24%), Hindustan Copper (down 2.58%), National Aluminum Co. (down 2.42%), NMDC (down 2.28%), Ratnamani Metals Tubes (down 2.23%), Hindalco Industries (down 2.15%), SAIL (down 1.56%), Mishra Dhatu Nigam (down 1.51%), Coal India (down 1.27%), JSW Steel (down 1.16%), Hindustan Zinc (down 0.7%) and Tata Steel (down 0.68%) declined.
Stocks in Spotlight:
Strides Pharma Science jumped 4.04% to Rs 685.70. The company's Singaporean subsidiary, Strides Pharma Global, has received approval for Butalbital, Acetaminophen, and Caffeine Tablets USP, 50 mg/325 mg/40 mg from the United States Food & Drug Administration (USFDA). The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD) Butalbital, Acetaminophen, and Caffeine Tablets USP, 50 mg/325 mg/40 mg, of Actavis Laboratories FL, Inc. According to IQVIA MAT July 2020 data, the US market for Butalbital, Acetaminophen, and Caffeine tablets USP, 50 mg/325 mg/40 mg is approximately US$ 40 million.
Sun Pharma Advanced Research Company (SPARC) rose 2.43% to Rs 173 after the company said it licensed commercialization rights of Elepsiatm XR to US-based Tripoint Therapeutics. The drug is indicated as adjunctive therapy for the treatment of partial onset seizures in patients 12 years of age and older.
Under terms of the license agreement, SPARC will be eligible to receive tiered royalties ranging from 15% to 50% on net sales. Tripoint will be responsible for all US regulatory submissions and payment of annual PDUFA fees for Elepsia XR 1000 mg and Elepsia XR 1500 mg. The initial term of the agreement shall be 5 years and may be further extended as per mutual agreement between the parties.
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