Morepen Laboratories surges after securing Loratadine approval for export to China
Morepen Laboratories is currently trading at Rs 49.40, up by 1.55 points or 3.24% from its previous closing of Rs 47.85 on the BSE.
The scrip opened at Rs 47.90 and has touched a high and low of Rs 49.70 and Rs 47.81 respectively. So far 141286 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 2 has touched a 52-week high of Rs 100.80 on 10-Sep-2024 and a 52-week low of Rs 42.01 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs 52.65 and Rs 46.59 respectively. The current market cap of the company is Rs 2711.82 crore.
The promoters holding in the company stood at 35.65%, while Institutions and Non-Institutions held 3.87% and 60.47% respectively.
Morepen Laboratories has received approval from the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) in China for its Loratadine (anti-allergy API). This marks a significant milestone in Morepen’s strategic entry into one of the world’s largest pharmaceutical markets.
Morepen commands an over 80% market share in the US generics market for Loratadine, making it the undisputed leader in its category. The company has been exporting to the US market for over 25 years, its API exports alone are valued at Rs 650 crore. This approval further solidifies Morepen’s position as the dominant global manufacturer of Loratadine, a widely prescribed second-generation antihistamine and anti-allergy drug used to treat allergic symptoms such as hay fever and chronic urticaria. With this development, Morepen is poised to capture a significant share of the Chinese market while reinforcing its standing in the global pharmaceutical landscape.
Morepen Laboratories is engaged in the manufacturing and sale of APis/ Bulk Drugs, Home Diagnostics, Formulations and OTC products.
