Shilpa Medicare moves up on getting NoC from RCGM for Biosimilar Aflibercept
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Shilpa Medicare is currently trading at Rs. 479.25, up by 17.80 points or 3.86% from its previous closing of Rs. 461.45 on the BSE.
The scrip opened at Rs. 470.35 and has touched a high and low of Rs. 479.25 and Rs. 466.55 respectively. So far 6111 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 670.95 on 22-Jul-2021 and a 52 week low of Rs. 380.35 on 07-Mar-2022.
Last one week high and low of the scrip stood at Rs. 484.20 and Rs. 446.00 respectively. The current market cap of the company is Rs. 4105.73 crore.
The promoters holding in the company stood at 50.01%, while Institutions and Non-Institutions held 16.34% and 33.65% respectively.
Shilpa Medicare through its wholly owned subsidiary -- Shilpa Biologicals (SBPL) has received a NoC from RCGM, Dept of Biotechnology to approach the DCGI to conduct Clinical studies for its Biosimilar Aflibercept - a first from an Indian company. The product is a biosimilar version of EYLEA of Regeneron for which currently there is no other biosimilar version on the Indian market.
The company intends to now approach the DCGI to conduct local and global Human Clinical studies to cater to the burgeoning Wet Age-Related Macular Degeneration (wAMD), Diabetic Retinopathy, Diabetic Macular Edema (DME) and Macular Edema following Retinal Vein Occlusion markets in India and across the globe. India has amongst the highest incidences of the above indications and the market is under-catered to by current therapies.
The Drug had global sales or around $9.38 billion in 2021 and is amongst the top ten drugs today, growing at 19% pa. The biosimilar product at SBPL is part funded through the BIRAC grants and developed at its integrated Dharwad facility. The Company intends to ensure global accessibility to the product via differentiated pricing and formulations/delivery mechanisms.
Shilpa Medicare produces and exports consistently high-quality Active Pharmaceutical Ingredients Fine Chemicals, intermediates, herbal products and speciality chemical products using sophisticated technology, meticulously following international specifications.
