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Lupin rises after launch of cancer drug

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Lupin rose 1.73% to Rs 746.45 at 14:05 IST on BSE after the company announced the launch of Imatinib Mesylate tablets, 100 mg and 400 mg.

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

Meanwhile, S&P BSE Sensex was down 50.85 points or 0.13% at 38,669.72.

On BSE, 37,000 shares were traded in Lupin counter, compared to a 2-week average of 65,000 shares. The share price hit an intraday high of Rs 750.60 and an intraday low of Rs 730.85. It hit a 52-week high of Rs 986 on 10 September 2018 and a 52-week low of Rs 697.30 on 19 June 2019.

Shares of Lupin fell 2.66% in the past two trading sessions to settle at Rs 733.75 yesterday, 8 July 2019, from its close of Rs 753.80 on 4 July 2019.

Lupin's alliance partner Natco had received an approval for the drug from the United States Food and Drug Administration (USFDA) earlier. Imatinib Mesylate is the generic version of Novartis Pharmaceuticals Corporation's (Novartis) Gleevec tablets, 100 mg and 400 mg. It is indicated for the treatment of cancer.

lmatinib Mesylate tablets had annual sales of approximately $548 million in the US (IQVIA MAT May 2019).

Lupin's consolidated net profit fell 46.6% to Rs 288.54 crore on a 8.7% surge in net sales to Rs 4,325.93 crore in Q4 March 2019 over Q4 March 2018.

Lupin is a transnational pharmaceutical company developing and delivering a wide range of branded and generic formulations, biosimilar 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: Tue, July 09 2019. 13:15 IST