Lupin rose 1.95% to Rs 898 at 9:16 IST on BSE after the company said it received US drug regulator's approval for generic Dovonex scalp solution.
The announcement was made after market hours yesterday, 28 December 2017.Meanwhile, the S&P BSE Sensex was up 106.31 points, or 0.31% to 33,954.34.
On the BSE, 20,000 shares were traded in the counter so far, compared with average daily volumes of 1.42 lakh shares in the past two weeks. The stock had hit a high of Rs 900 and a low of Rs 886.80 so far during the day. The stock hit a 52-week high of Rs 1,572.25 on 6 February 2017. The stock hit a 52-week low of Rs 807 on 6 December 2017.
Lupin announced that it received final approval from the United States Food and Drug Administration (USFDA) to market a generic version of Dovonex scalp solution, 0.005% of Leo Pharmaceutical Products.
Lupin's Calcipotriene Topical Solution, 0.005% (scalp solution) is the AT rated generic equivalent of Leo Pharmaceutical Products' Dovonex Scalp Solution, 0.005%. It is indicated for the topical treatment of chronic, moderately severe psoriasis of the scalp. Calcipotriene Topical Solution, 0.005% (scalp solution) had annual sales of approximately $5.9 million in the US as per IMS MAT October 2017.
Lupin's consolidated net profit fell 31.3% to Rs 455.01 crore on 8% decline in net sales to Rs 3874.16 crore in Q2 September 2017 over Q2 September 2016.
Lupin is a transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.
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