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Shilpa Medicare gains on launching generic cancer drug

Capital Market 

Shilpa Medicare rose 3.93% to Rs 491.95 after the company said it launched first affordable generic drug to treat advanced kidney cancer.

The drug maker on Tuesday (30 June) launched the Indian branded generic of Axitinib, an tyrosine kinase inhibitor drug with a brand name Axishil.

Axishil is available as 1 mg & 5 mg tablets in pack of 14 tablets in one bottle. It is used to treat patients suffering from advanced renal cell carcinoma (RCC). Currently the monthly therapy cost of innovator is approximately Rs 1.66 lakh and with the launch of Axishil, monthly cost of treatment will be reduced to Rs 14,940.

"Axishil is being launched to provide global quality Indian Brand with greater affordability to cancer patients. Today there are around 17,000 to 21,000 new patients in India who needs Axitinib and can be benefited by Axishil tablets," said Sundeip Bhatia, business head formulations India.

Shilpa Medicare is engaged in the business of manufacturing of bulk drugs or active pharmaceutical ingredient (API) and intermediates.

The drug maker's consolidated net profit surged 248.7% to Rs 55.06 crore on 36.6% jump in net sales to Rs 236.85 crore in Q3 December 2019 over Q3 December 2018.

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

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First Published: Tue, June 30 2020. 13:14 IST