 "Strides Pharma rises 3% after US FDA approves Hypocalcemia drug")
Shares of Strides pharma rose as much as 3.20 per cent to hit an intraday high of Rs 858.10, on Friday.
The rise came after the company announced that the United States Food and Drug Administration (US FDA) has approved its Sevelamer carbonate tablets 800 mg.
Sevelamer Carbonate is a medication used to treat Hypocalcemia. It manages elevated levels of phosphate in the blood of patients with chronic kidney disease.
The drug, Sevelamer Carbonate tablets 800 mg, is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Renvela tablets, 800 mg, manufactured by Genzyme.
With a market size estimated at $181 million according to IMS data, the approval of Sevelamer Carbonate tablets strengthens Strides Pharma's position in the Sevelamer portfolio.This complements its existing approval for Sevelamer Carbonate Powder for Oral Suspension, which targets a market size of $23 million.
The Sevelamer tablets will be manufactured at the company’s facility in Puducherry, the company said.
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The company has 260 cumulative abbreviated new drug application (ANDA) filings, including the recently acquired portfolio from Endo at Chestnut Ridge, with US FDA, of which over 245 ANDAs have been approved.
The company has set a target to launch approximately 60 new products over three years in the US.
Headquartered in Bengaluru, Strides Pharma is a global pharmaceutical company. It has two business verticals, which include regulated markets and emerging markets.
Strides Pharma boasts a widespread manufacturing presence worldwide, operating eight facilities across four continents. Among these are five FDA-approved sites in the United States, with two dedicated to serving international markets.
In India, the company operates manufacturing facilities in Chennai, Puducherry, and two sites in Bengaluru. Its global footprint extends to Italy (Milan), Kenya (Nairobi), and the United States (New York).
At 1:20 PM, shares of Strides Pharma were trading 1.59 per cent higher at Rs 844.70 per share. By comparison, S&P BSE Sensex was up 30 points or 0.04 per cent at 72,434.47 levels.