Lupin shares near 52-week high after drug maker receives two approvals from US regulator

Lupin shares rose on Friday after the US drug regulator cleared two of the Mumbai-based pharmaceutical company's products.

Lupin shares rose on Friday after the US Food and Drug Administration (FDA) approved two products of the Mumbai-based pharmaceutical company. The Lupin stock strengthened by as much as Rs 42.2, or 3.5 per cent, to touch Rs 1,238.5 apiece on the upside on BSE, coming within inches of a 52-week high scaled this week.

The pharma stock held on to much of its intraday gains in late morning deals with decent volumes, and was one of the main contributors to strength in the Nifty Pharma index. Lupin shares were last seen trading three per cent stronger for the day at Rs 1,232 while the pharma index was up 1.1 per cent.

By 11:30 am, as many as 68,000 Lupin shares changed hands in intraday trade so far on BSE as against a daily average of 63,000, according to provisional exchange data.

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In separate regulatory filings post-market hours on Thursday, the pharmaceutical company said it had received approvals for its Abbreviated New Drug Applications (ANDAs) for Bromfenac Ophthalmic Solution (0.07 per cent), indicated for the treatment of postoperative inflammation and reduction of ocular pain in patients who have undergone cataract surgery, and Canagliflozin Tablets (100 mg and 300 mg), indicated for diabetic patients.

Lupin had filed the applications to market a generic equivalent of Prolensa Ophthalmic Solution (0.07 per cent) of Bausch & Lomb Inc, and a generic equivalent of Invokana Tablets (100 mg and 300 mg) of Janssen Pharmaceuticals, Inc.

Lupin said the products would be manufactured at its Pithampur facility in Madhya Pradesh.

The Mumbai-based company said it is eligible for 180-day exclusivity for Prolensa Ophthalmic Solution (0.07 per cent).

Both products are estimated to have combined annual sales of $746 million (around Rs 6,200 crore) in the US.

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