Strides Pharma Science rises 3% on USFDA nod for Potassium Chloride tablet

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Shares of Strides Pharma Science rose 3 percent intraday Wednesday as company received United States Food & Drug Administration (USFDA) approval for Potassium Chloride extended release tablets.

The company's step-down wholly owned subsidiary, Strides Pharma Global Pte., Singapore, has received approval for Potassium Chloride Extended Release Tablets USP, 8 mEq (600 mg) and 10 mEq (750 mg) from the USFDA.

This is the second extended release product approval for Strides and the company has a strong pipeline of products leveraging its capability in the extended release delivery technology.

Potassium Chloride Extended-Release tablets is a generic version of Klor-Con Extended Release Tablets of Upsher-Smith and Strides is the first Indian generic company to receive this approval.

According to IQVIA MAT data, the US market for Potassium Chloride Extended Release Tablets is approximately USD 60 million.

The product will be manufactured at the company’s facility at Bangalore and marketed by Strides Pharma Inc. in the US market.

The company has 78 cumulative ANDA filings with USFDA of which 52 ANDAs have been approved as of date and 26 are pending approval.

At 11:24 hrs Strides Pharma Science was quoting at Rs 486.85, up Rs 6.80, or 1.42 percent on the BSE.

Posted by Rakesh Patil