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Lupin firms up after inking exclusive distribution agreement with Aptissen

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Lupin rose 1.71% to Rs 865.65 at 14:34 IST on BSE after the company announced exclusive distribution agreement with Aptissen for Canada.

The announcement was made during trading hours today, 9 May 2019.

Meanwhile, the S&P BSE Sensex was down 124.42 points, or 0.33% to 37,664.71.

On the BSE, 48,000 shares were traded in the counter so far compared with average daily volumes of 63,000 shares in the past two weeks. The stock had hit a high of Rs 865.75 and a low of Rs 835 so far during the day. The stock hit a 52-week high of Rs 986 on 10 September 2018. The stock hit a 52-week low of Rs 720.40 on 28 March 2019.

Lupin and Aptissen S.A. (Aptissen) announced that they have entered into a definitive distribution agreement under which Aptissen has granted Lupin the exclusive rights to market, distribute and sell the current Aptissen products in Canada. This includes immediate rights to distribute Synolis VA for the treatment of Osteoarthritis. Based on Statistics Canada, Osteoarthritis affects more than 10% of Canadians aged 15 or older.

Synolis VA (Visco-Antalgic) is the intra-articular injection product for osteoarthritis with a unique combination of Hyaluronic Acid and high concentration of Sorbitol. Synolis VA 40/80 is already approved by Health Canada and an additional strength is currently under review.

Aptissen S.A. is a Swiss company founded in 2013 as a spin-off of ANTEIS and is based in the Geneva area, Switzerland.

On a consolidated basis, Lupin reported net loss of Rs 151.75 crore in Q3 December 2018 as compared to net profit of Rs 221.73 crore in Q3 December 2017. Net sales rose 12.24% to Rs 4377.94 crore in Q3 December 2018 over Q3 December 2017.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 09 2019. 14:36 IST