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Venus Remedies surges on getting marketing approvals for oncology products across 76 countries
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Venus Remedies is currently trading at Rs. 261.00, up by 1.55 points or 0.60% from its previous closing of Rs. 259.45 on the BSE.
The scrip opened at Rs. 264.60 and has touched a high and low of Rs. 264.60 and Rs. 261.00 respectively. So far 16697 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 301.80 on 10-Jul-2023 and a 52 week low of Rs. 145.00 on 08-Feb-2023.
Last one week high and low of the scrip stood at Rs. 264.85 and Rs. 249.40 respectively. The current market cap of the company is Rs. 348.88 crore.
The promoters holding in the company stood at 41.76%, while Institutions and Non-Institutions held 0.98% and 57.26% respectively.
Venus Remedies has extended its reach in the Association of Southeast Asian Nations (ASEAN) region, South America and Eastern Europe with marketing approvals for key cancer drugs from Philippines, Paraguay, Georgia and Moldova. With this, the company has secured 506 marketing approvals for its oncology products across 76 countries.
While Venus Remedies has secured marketing approval for topotecan from Philippines, the second largest market in the ASEAN region, where the company has a sizeable presence, it has also reinforced its position as a leading exporter of oncology drugs with product registration for irinotecan in Paraguay, docetaxel in Georgia and topotecan and irinotecan in Moldova.
Venus Remedies also expects the marketing approval for irinotecan from the $431.9 million pharmaceutical market in Paraguay to facilitate the registration process for its oncology drugs in other South American countries as well, considering that many of them have similar regulatory processes.
Similarly, the marketing authorization for docetaxel from Georgia and topotecan and irinotecan from Moldova will enable the company to further consolidate its position in Eastern Europe and the Balkan region, where it had recently secured its first marketing authorisation from Bosnia for a chemotherapy drug. While Georgia represents a $1568 million pharmaceutical market, the size of the pharma market in Moldova is $60 million.
Venus Remedies is one of the handful player in pharmaceutical sector to launch world global injectable manufacturers.
