Lupin rose 0.84% to Rs 861.30 at 9:18 IST on BSE after the company said it has signed a strategic co-promotion agreement with US-based Onset Dermatologics, LLC for a drug in US.
The announcement was made after market hours on Monday, 23 September 2013.
Meanwhile, the S&P BSE Sensex was down 28.24 points or 0.14% at 19,872.72.
On BSE, 1,009 shares were traded in the counter as against an average daily volume of 1.22 lakh shares in the past two weeks.
The stock hit a high of Rs 862 and a low of Rs 854 so far during the day.
Lupin said that it has signed a strategic co-promotion agreement with US-based Onset Dermatologics, LLC (Onset) that grants Lupin exclusive rights to promote Onset's Locoid Lotion (hydrocortisone butyrate 0.1%) to Pediatricians in the US. Locoid is the most highly prescribed mid-potency steroid brand in the US. Locoid Lotion is a corticosteroid indicated for the topical treatment of mild to moderate Atopic Dermatitis in patients 3 months of age and older, Lupin said in a statement.
The addition of Locoid Lotion will enable Lupin to strengthen its US Brand business and expand its product portfolio for the US Pediatrics segment.
Vinita Gupta, CEO, Lupin Pharmaceuticals Inc. and Lupin said, "We are very pleased with the addition of Locoid Lotion to our brand portfolio and are committed to bring meaningful products to the US Pediatric community."
Bob Moccia, President of Onset Dermatologics said: "This partnership will give pediatricians greater opportunity to utilize Locoid lotion in their patients while Onset maintains its focus on promoting Locoid to the dermatology community. We are confident that Locoid will continue to be the most prescribed mid-potency steroid brand in the US".
Headquartered in Cumberland RI, Onset Dermatologics is a fully-integrated, prescription dermatology company with a mission to deliver innovative therapies to dermatologists and their patients.
Lupin's consolidated net profit surged 43% to Rs 401.06 crore on 9.1% growth in net sales to Rs 2420.66 crore in Q1 June 2013 over Q1 June 2012.
Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations and active pharmaceutical ingredients.
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