Lupin rose 0.2% to Rs 1,464.20 at 13:30 IST on BSE after the company announced that its US subsidiary, Lupin Pharmaceuticals Inc. has launched generic Intermezzo Sublingual Tablets in the US.
The announcement was made during market hours today, 5 April 2016.Meanwhile, the S&P BSE Sensex was down 403.85 points or 1.59% at 24,995.80.
On BSE, so far 2.59 lakh shares were traded in the counter as against average daily volume of 3.31 lakh shares in the past one quarter. The stock hit a high of Rs 1,478.25 and low of Rs 1,447 so far during the day. The stock had hit a record high of Rs 2,127 on 6 October 2015. The stock had hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had underperformed the market over the past one month till 4 April 2016, dropping 17.91% compared with Sensex's 3.06% rise. The scrip had also underperformed the market in past one quarter, shedding 18.72% as against Sensex's 0.87% fall.
The large-cap company has equity capital of Rs 90.12 crore. Face value per share is Rs 2.
Lupin announced that its US subsidiary, Lupin Pharmaceuticals Inc. has launched the first product from its GAVIS pipeline, Zolpidem Sublingual Tablets, 1.75 mg & 3.5 mg in the US with 180 days of exclusivity. Zolpidem Sublingual Tablets, 1.75 mg & 3.5 mg is a generic equivalent of Purdue Pharma L.P's Intermezzo Sublingual Tablets, 1.75 mg & 3.5 mg. The company has already received final approval from the United States Food & Drug Administration (FDA) as well as final clearance from the FTC for the drug.
Zolpidem Sublingual Tablets, 1.75 mg & 3.5 mg is indicated for use as needed for the treatment of insomnia when a middle-of-the-night awakening is followed by difficulty returning to sleep. Intermezzo had sales of $9.46 million in the US as per IMS MAT December 2015 data.
Lupin had announced the acquisition of privately held US based GAVIS Pharmaceuticals LLC and Novel Laboratories Inc. (GAVIS) on 23 July 2015.
On consolidated basis, Lupin's net profit fell 11.9% to Rs 529.75 crore on 6.8% growth in net sales to Rs 3357.66 crore in Q3 December 2015 over Q3 December 2014.
Lupin is a pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership positions in the anti-TB and cephalosporin segment.
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