Strides Shasun advanced 2.02% to Rs 807 at 12:45 IST on BSE after the company said it has received approval from the United States drug regulator for a generic HIV drug.
The announcement was made before market hours today, 29 January 2018.Meanwhile, the S&P BSE Sensex was up 314.17 points or 0.87% at 36,364.61. The S&P BSE Mid-Cap index rose 0.03%, underperforming the Sensex.
On the BSE, 18,000 shares were traded on the counter so far as against average daily volumes of 67,043 shares in the past one quarter. The stock had hit a high of Rs 827.05 and a low of Rs 791 so far during the day. The stock had hit a 52-week high of Rs 1,259 on 3 February 2017 and a 52-week low of Rs 754 on 9 November 2017.
The stock had underperformed the market over the past one month till 25 January 2018, sliding 5.51% compared with the Sensex's 6.22% rise. The stock had also underperformed the market over the past one quarter, declining 6.34% as against the Sensex's 9.1% rise. The scrip had also underperformed the market over the past one year, falling 30.29% as against the Sensex's 30.11% rise.
The mid-cap company has equity capital of Rs 89.50 crore. Face value per share is Rs 10.
Strides Shasun announced that its wholly owned subsidiary Strides Pharma Global Pte has received approval for Tenofovir Disoproxil Fumarate Tablets, 300 mg from the United States Food & Drug Administration (USFDA). Tenofovir Disoproxil Fumarate tablet is a generic version of Gileads's Viread Tablet, for which the patent expired on 25 January 2018. Strides is launching the product immediately.
Tenofovir Disoproxil Fumarate Tablets is indicated in combination with other antiretroviral agents for the treatment of HIV-1 infection in adults. Tenofovir Disoproxil Fumarate Tablets is also indicated for the treatment of chronic hepatitis B in adults.
According to IMS data, the US market for Tenofovir Disoproxil Fumarate is approximately $750 million. The product will be manufactured at the company's oral dosage facility at Bangalore and will be marketed by Strides Pharma Inc. in the US market.
Strides Shasun's net profit fell 87.4% to Rs 10.73 crore on 14.2% growth in net sales to Rs 995.60 crore in Q2 September 2017 over Q2 September 2016.
Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore. The company has three business verticals, viz., regulated markets, emerging markets and active pharmaceutical ingredients.
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