Shares of Strides Pharma Science Limited traded 2.68 percent up at Rs 503.70 around 11.17am on the NSE on November 21 after its seizures drug received the US Food & Drug Administration (USFDA) green light.
The company's wholly owned step-down subsidiary, Strides Pharma Global Pte Limited, Singapore, has received the approval.
Levetiracetam Oral Solution USP, 100 mg/mL is bioequivalent and therapeutic equivalent to the Referene Listed Drug (RLD), Keppra Oral Solution, 100 mg/mL of UCB, Inc.The Levetiracetam Oral Solution has a market size of ~US$55 Mn per IQVIA.
The product will be manufactured at the company’s facility in Bengaluru. Strides Pharma 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 ~ 60 new products over three years in the US.
Strides Pharma had earlier posted a net loss of Rs 131.3 crore in the second quarter as against a profit of Rs 22.8 crore in the year-ago period. The company also posted an exceptional loss of Rs 165 crore for the quarter as against a gain of Rs 14.5 crore in the corresponding quarter of last year.
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