Strides Pharma Science rose 1.06% to Rs 754.40 after the company said it received US drug regulator's approval for ethacrynic acid tablets.
Strides Pharma Science on 20 October 2020 announced that its step-down wholly owned subsidiary, Strides Pharma Global, Singapore, has received approval for ethacrynic acid tablets USP, 25 mg from the United States Food & Drug Administration (USFDA). The product is a generic version of Edecrin tablets, 25 mg, of Bausch Health Americas, Inc.Ethacrynic acid is in a class of medications called diuretics ('water pills'). It is used to treat edema (excess fluid held in body tissues) in adults and children caused by medical problems such as cancer, heart, kidney, or liver disease.
According to IQVIA MAT August 2020 data, the US market for ethacrynic acid tablets USP, 25 mg is approximately $14 million. The product will be manufactured at the company's flagship facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market.
The company has 126 cumulative ANDA filings with USFDA of which 92 ANDAs have been approved and 34 are pending approval. The announcement was made during market hours today, 20 October 2020.
Strides Pharma's consolidated net profit stood at Rs 101.84 crore in Q1 June 2020 as compared to Rs 2.91 crore in Q1 June 2020. The pharma major witnessed a 14% Y-o-Y (year-on-year) increase in net sales to Rs 781.80 crore in Q1 FY21 over Q1 FY20.
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Strides is a global pharmaceutical company. It focuses on "difficult to manufacture" products that are sold in over 100 countries.
Currently, the stock is trading 1.33% below its 52-week high of Rs 764.60 hit on 14 October 2020. The scrip has zoomed 178.37% from its 52-week low of Rs 271 hit on 20 March 2020.
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