Lupin rose 1.21% to Rs 862.40 at 11:07 IST on BSE after the company said its US subsidiary has launched its generic Gatifloxacin Ophthalmic Solution 0.5% in the United States.
The announcement was made during trading hours today, 3 October 2013.
Meanwhile, the S&P BSE Sensex was up 271.01 points or 1.39% at 19,788.16.
On BSE, 32,000 shares were traded in the counter as against average daily volume of 1.21 lakh shares in the past one quarter.
The stock hit a high of Rs 867 and a low of Rs 851 so far during the day. The stock had hit a record high of Rs 908 on 19 July 2013. The stock had hit a 52-week low of Rs 540.15 on 11 October 2012.
The stock had outperformed the market over the past one month till 1 October 2013, surging 6.49% compared with the Sensex's 4.82% rise. The scrip had also outperformed the market in past one quarter, jumping 9.69% as against Sensex's 0.31% fall.
The large-cap company has equity capital of Rs 89.60 crore. Face value per share is Rs 2.
Lupin Pharmaceuticals Inc. (LPI), the US subsidiary of Lupin, has launched its generic Gatifloxacin Ophthalmic Solution, 0.5%. Lupin had earlier received final approval from the United States Food and Drugs Administration (USFDA) to market a generic version of Allergan Inc.'s Zymaxid Ophthalmic Solution, 0.5%.
Lupin's Gatifloxacin Ophthalmic solution 0.5% is the generic equivalent of Zymaxid Ophthalmic Solution of Allergan and is indicated for the treatment of bacterial conjunctivitis. Zymaxid Ophthalmic Solution, 0.5%, had annual sales of approximately $62.3 million in the US according to IMS MAT Jun 2013 data. Lupin was the first applicant to file an abbreviated new drug application (ANDA) for Zymaxid Ophthalmic Solution and as such will be entitled to 180 days of marketing exclusivity.
Commenting on the approval, Nilesh Gupta, Managing Director, Lupin said, "Having received approval earlier, we are happy to now launch this product. The product is the first of the ophthalmic products that Lupin is bringing to the market and bears testimony to our continued commitment to serving our customers and patients by bringing high quality, affordable medicines."
Lupin's consolidated net profit surged 43% to Rs 401.06 crore on 9.1% growth in net sales to Rs 2420.66 crore in Q1 June 2013 over Q1 June 2012.
Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations and active pharmaceutical ingredients.
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