Venus Remedies touches roof on getting marketing authorisation from Spain for meropenem
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Venus Remedies is currently trading at upper limit of Rs. 248.85, up by 11.85 points or 5.00% from its previous closing of Rs. 237.00 on the BSE.
The scrip opened at Rs. 240.00 and has touched a high and low of Rs. 248.85 and Rs. 235.80 respectively. So far 6890 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 263.55 on 31-May-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. 261.50 and Rs. 233.75 respectively. The current market cap of the company is Rs. 332.64 crore.
The promoters holding in the company stood at 41.76%, while Institutions and Non-Institutions held 1.00% and 57.24% respectively.
Venus Remedies has achieved yet another landmark by securing marketing authorisation from Spain for meropenem, its highest selllng generic product. The company, which has got this approval through its German subsidiary Venus Pharma GmbH for 500mg, 1g and 2g injections of this last-recourse antibiotic, happens to be the largest exporter of meropenem from India in the last three years.
A broad-spectrum antibiotic of the carbapenem class used in intensive care units of hospitals as a last resort for the treatment of life-threatening infections, product meropenem contributes to 40% of the company's total sales. The market size for this product in Europe is about $70.34 million. Venus Remedies has successfully launched this drug in major European markets under its own brand name and through strategic alliance partners by way of tie-ups.
Venus Remedies is one of the handful player in pharmaceutical sector to launch world global injectable manufacturers.
