Strides Shasun rose 1.21% to Rs 393 at 10:45 IST on BSE after the company announced that it's wholly owned subsidiary has received approval for Ibuprofen Tablets.
The announcement was made after market hours yesterday, 2 July 2018.Meanwhile, the S&P BSE Sensex was up 26.56 points, or 0.08% to 35,290.97.
On the BSE, 98,000 shares were traded in the counter so far compared with average daily volumes of 3.79 lakh shares in the past two weeks. The stock had hit a high of Rs 396.85 and a low of Rs 389.50 so far during the day. The stock hit a 52-week high of Rs 1,066.17 on 24 July 2017. The stock hit a 52-week low of Rs 334.10 on 8 June 2018.
Strides Shasun announced that it's wholly owned subsidiary Strides Pharma Global Pte. has received final approval for Ibuprofen Tablets USP, 200 mg (OTC) from the United States Food & Drug Administration (US FDA). Ibuprofen Tablets 200 mg (OTC) is a generic version of Motrin IB Tablets, 200 mg, of Johnson & Johnson Consumer, Inc.
Ibuprofen is used to relieve pain from various conditions such as headache, dental pain, muscle aches, or arthritis. It is also used to reduce fever and to relieve minor aches and pain due to the common cold or flu. Ibuprofen is a nonsteroidal anti-inflammatory drug (NSAID).
The approval further strengthens Strides Ibuprofen franchise for the US markets that now comprises of 7 approved products addressing a combined Rx and OTC opportunity of $900 million as per IMS and IRi data. The product will be manufactured at the company's oral dosage facility at Puducherry and will be marketed by Strides Pharma Inc. in the US Market.
The company has 75 cumulative ANDA filings with US FDA of which 51 ANDAs have been approved as of date and 24 are pending approval.
On a consolidated basis, net profit of Strides Shasun rose 337.23% to Rs 576.71 crore on 59.04% rise in total income to Rs 1276.20 crore in Q4 March 2018 over Q4 March 2017.
Strides Shasun is global pharmaceutical company. The company has two business verticals, viz., Regulated Markets and Emerging Markets.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
