Lupin rises on getting USFDA`s tentative nod for Canagliflozin, Metformin Hydrochloride Extended-Release Tablets
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Lupin The scrip is currently trading at Rs. 1203.95, up by 14.75 points or 1.24% from its previous closing of Rs. 1189.20 on the BSE.
The scrip opened at Rs. 1211.90 and has touched a high and low of Rs. 1211.90 and Rs. 1198.35 respectively. So far 2492 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1215.20 on 17-Oct-2023 and a 52 week low of Rs. 628.10 on 31-Mar-2023.
Last one week high and low of the scrip stood at Rs. 1211.90 and Rs. 1135.00 respectively. The current market cap of the company is Rs. 54137.22 crore.
The promoters holding in the company stood at 47.06%, while Institutions and Non-Institutions held 44.42% and 8.52% respectively.
Lupin has received tentative approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for Canagliflozin and Metformin Hydrochloride Extended-Release Tablets, 50 mg/500 mg, 50 mg/1,000 mg, 150 mg/500 mg, and 150 mg/1,000 mg to market a generic equivalent of Invokamet XR Tablets, 50 mg/500 mg, 50 mg/1,000 mg, 150 mg/500 mg, and 150 mg/1,000 mg, of Janssen Pharmaceuticals, Inc. This product will be manufactured at Lupin’s Pithampur facility in India.
Canagliflozin and Metformin Hydrochloride Extended-Release Tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. Canagliflozin and Metformin Hydrochloride Extended-Release Tablets (RLD Invokamet XR) had estimated annual sales of $28 million in the U.S. (IQVIA MAT July 2023).
Lupin is an innovation led transnational pharmaceutical company producing, developing and marketing a wide range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.
