Strides Pharma Science rose 2.26% to Rs 788.50 after the drug maker announced that its step-down subsidiary has received approval for oxybutynin chloride tablets from the US drug regulator.
The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Ditropan tablets, 5 mg, of Janssen Pharmaceuticals, Inc.The drug belongs to a class of drugs known as antispasmodics, used to treat overactive bladder and urinary conditions. It relaxes the muscles in the bladder to help decrease problems of urgency and frequent urination.
According to IQVIA MAT October 2020 data, the US market for oxybutynin chloride tablets is approximately $29 million. The company will manufacture the product at its Bengaluru facility. It will be marketed by Strides Pharma Inc. in the US market.
Strides is a global pharmaceutical company. It focuses on "difficult to manufacture" products that are sold in over 100 countries. The company has 127 cumulative ANDA filings with USFDA of which 94 ANDAs have been approved and 33 are pending approval.
On a consolidated basis, the company's net profit dropped 43.64% to Rs 79.98 crore on a 10.97% to Rs 793.55 crore in Q2 September 2020 over Q2 September 2019.
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