Strides Pharma soars as its arm gets USFDA`s approval for Cyclosporine Softgel Capsules
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Strides Pharma Science is currently trading at Rs. 348.15, up by 13.35 points or 3.99% from its previous closing of Rs. 334.80 on the BSE.
The scrip opened at Rs. 335.55 and has touched a high and low of Rs. 350.95 and Rs. 335.00 respectively. So far 29383 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 809.00 on 03-Aug-2021 and a 52 week low of Rs. 263.45 on 11-May-2022.
Last one week high and low of the scrip stood at Rs. 350.95 and Rs. 323.05 respectively. The current market cap of the company is Rs. 3114.39 crore.
The promoters holding in the company stood at 30.37%, while Institutions and Non-Institutions held 37.84% and 31.79% respectively.
Strides Pharma Science’s (Strides) step-down wholly owned subsidiary -- Strides Pharma Global, Singapore, has received approval for Cyclosporine Softgel Capsules USP (Modified), 25 mg, 50 mg, and 100 mg from the United States Food & Drug Administration (USFDA).
The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Neoral Capsules 25 mg, 50 mg, and 100 mg, of Novartis Pharmaceuticals Corporation (Novartis). Cyclosporine Softgel Capsules is part of Strides niche product portfolio with limited competition in the US market.
Strides is the first Indian company to get approval for the product. The approval further strengthens Strides immunosuppressant portfolio for the US markets which now comprises of Mycophenolate Mofetil tablets and capsules, Tacrolimus capsules and Cyclosporine Softgel Capsules.
According to IQVIA MAT data, the US market for Cyclosporine Capsules USP, 25 mg, 50 mg, and 100 mg is approximately $ 91Mn. The product will be manufactured at the company’s facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market.
Strides Pharma Science (Formerly Strides Shasun) is a pharmaceutical company with a major focus on development and manufacture of IP-led niche finished dosage formulations. It is also among the world’s largest manufacturers of soft gelatin capsules.
