Granules India rose 2.25% to Rs 142.90 at 12:21 IST on BSE after the company said its wholly owned subsidiary Granules Pharmaceuticals, Inc has acquired the exclusive rights from USpharma Windlas, LLC to market and distribute four products in US.
The announcement was made during market hours today, 9 June 2016.Meanwhile, the S&P BSE Sensex was down 186.11 points or 0.69% at 26,834.55.
On BSE, so far 2.13 lakh shares were traded in the counter as against average daily volume of 1.61 lakh shares in the past one quarter. The stock hit a high of Rs 143.90 and a low of Rs 138.70 so far during the day. The stock had hit a record high of Rs 164.45 on 1 December 2015. The stock had hit a 52-week low of Rs 75.55 on 12 June 2015. The stock had outperformed the market over the past one month till 8 June 2016, surging 10.87% compared with Sensex's 7.1% rise. The scrip had also outperformed the market in past one quarter, jumping 18.58% as against Sensex's 9.58% rise.
The mid-cap company has equity capital of Rs 21.67 crore. Face value per share is Rs 1.
USpharma Windlas through its subsidiaries holds abbreviated new drug applications (ANDAs) for Fingolimod, Prasugrel, Dronedarone and Lurasidone. USpharma Windlas believes it to be a first applicant to file ANDAs containing paragraph IV certifications for three of these products.
USpharma Windlas will receive milestone payments and share of the profits from commercial sales. Granules Pharmaceuticals, Inc. will be responsible for the marketing and distribution of the products in the United States, subject to final approval by the US Food and Drug Administration (USFDA).
According to IMS Health data, the annual US sales for four products are approximately $4.4 billion.
On consolidated basis, Granules India's net profit rose 48.2% to Rs 33.19 crore on 5% growth in net sales to Rs 372.27 crore in Q4 March 2016 over Q4 March 2015.
Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients for customers in the regulated and semi-regulated markets.
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