Venus Remedies jumped 6.82% to Rs 266.25 at 15:24 IST on BSE after the company said it received approval to market meropenem antibiotic in Venezuela.
The company made the announcement during trading hours today, 3 April 2014.
Meanwhile, the BSE Sensex was down 12.03 points, or 0.05%, to 22,539.46.
On BSE, so far 73,000 shares were traded in the counter, compared with an average volume of 12,405 shares in the past one quarter.
The stock hit a high of Rs 273.50 and a low of Rs 247.75 so far during the day. The stock hit a 52-week high of Rs 358.05 on 15 May 2013. The stock hit a 52-week low of Rs 140 on 2 August 2013.
The stock had underperformed the market over the past one month till 2 April 2014, rising 4.09% compared with the Sensex's 6.78% rise. The scrip had also underperformed the market in past one quarter, rising 0.65% as against Sensex's 7.96% rise.
The small-cap company has an equity capital of Rs 11.44 crore. Face value per share is Rs 10.
Venus Remedies said it has extended its footprint in Latin America with marketing authorisation for meropenem from Venezuela, a $6 billion pharmaceutical market. The company said it is planning to launch meropenem in Venezuela in the next couple of months.
The $-10 million meropenem market in Venezuela offers a great opportunity to the company, which is aiming to capture a sizeable market in the first year of the launch. Having a presence in important Latin American markets like Columbia, Peru, Guatemala and Mexico, the company is constantly strengthening its position in Latin America, Venus Remedies said in a statement.
Meropenem, which accounts for annual global sales of $906 million which are estimated to go up to $1006 million in the next one year, is an off-patented antibacterial agent of the carbapenem class of antibiotics, which caters to diseases with a broad range of serious infections caused by single or multiple susceptible bacteria in both adults and children, the company said.
Venus has received marketing approval for meropenem from more than 35 countries and is exporting the product to 22 of them, including European Union member-nations. The company has already got marketing authorisation for meropenem from the UK (MHRA). France, Austria, Denmark, Finland, Ireland, Germany, Netherlands, Poland, Slovenia, Slovakia. Sweden. Portugal, Czech Republic, Cyprus, New Zealand and Mexico. The product has also made its way to the Balkan countries with marketing approvals from Bosnia & Herzegovina and Croatia. Venus is now eying lucrative and regulated markets like Australia, Spain, Switzerland, South Africa and Malaysia, where the registration process is in advanced stages, the company said.
Net profit of Venus Remedies rose 7.29% to Rs 17.23 crore on 16.66% rise in net sales to Rs 130.22 crore in Q3 December 2013 over Q3 December 2012.
Venus Remedies is among the world's 10 leading fixed dosage injectables manufacturers, specialising in high-growth therapeutic segments like anti-infective, oncology, cardiovascular and neurology. The result is a presence in 60 countries and covering more than 75 products.
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