Strides Pharma Science soars as its arm gets tentative approval for Dolutegravir 50mg tablets
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Strides Pharma Science is currently trading at Rs. 494.50, up by 26.05 points or 5.56% from its previous closing of Rs. 468.45 on the BSE.
The scrip opened at Rs. 488.00 and has touched a high and low of Rs. 494.50 and Rs. 480.00 respectively. So far 17872 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 503.15 on 15-Sep-2023 and a 52 week low of Rs. 268.40 on 21-Mar-2023.
Last one week high and low of the scrip stood at Rs. 506.80 and Rs. 452.75 respectively. The current market cap of the company is Rs. 4231.64 crore.
The promoters holding in the company stood at 28.07%, while Institutions and Non-Institutions held 36.72% and 35.21% respectively.
Strides Pharma Science’s step down wholly owned subsidiary -- Strides Pharma Global Pte., Singapore, has received tentative approval for Dolutegravir 50mg tablets from the United States Food & Drug Administration (USFDA).
The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Tivicay Tablets of ViiV Healthcare Company. The approval adds to a list of products that Strides has approved under the PEPFAR pathway taking the total to 13 products. The Dolutegravir 50mg tablet has a market opportunity in the US of around $1,345 million as per IQVIA. The products will be manufactured at the company’s facility in Bengaluru. The conversion of this tentative approval to a full approval is expected upon expiry of the constraining patents.
The PEPFAR tentative approval for Strides qualifies the Company to participate in global donor funded programs that procure this lifesaving medicine and it is supplied in 126 countries. As of full year 2022, donor procurement for Dolutegravir 50mg tablet is estimated at a value of around $35 million. This product further strengthens the available offerings in HIV treatment from Strides. The company has 260 cumulative ANDA filings (including the recently acquired portfolio from Endo at Chestnut Ridge) with USFDA, of which 230+ ANDAs have been approved. The company has set a target to launch around 60 new products over three years in the US.
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.
