Sequent Scientific Ltd's shares rose over 11 percent on August 20 and hit a 52 week high of Rs 175 after it received prequalification (PQ) approval from the World Health Organization (WHO) for its Albendazole Active Pharmaceutical Ingredient (API).
At 12.15 PM, Sequent Scientific's shares traded 6 percent higher at Rs 167. The stock has gained 9 percent in the past six months, underperforming the Nifty 50 which gained 11 percent during the same period.
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The WHO prequalification was granted in collaboration with Mepro Pharmaceuticals Pvt Ltd, which successfully developed and commercialised the Albendazole Chewable formulation. This formulation, produced in Mepro's WHO PQ-approved facility using Sequent's API, marks the first global approval of its kind by the WHO PQ. Albendazole is used to treat parasitic infections, such as tapeworm, roundworm, and hookworm infestations, which disproportionately affect populations in low- and middle-income countries.
"The WHO prequalification approval validates our manufacturing capabilities and reinforces our dedication to providing high-quality, affordable medicines to those in need worldwide. By leveraging our extensive distribution network and strategic partnerships, the company is poised to make a meaningful impact on health outcomes on a global scale," Rajaram Narayanan, Managing Director and CEO of Sequent Scientific said in a press release.
Also Read | Sequent Scientific Standalone June 2024 Net Sales at Rs 57.67 crore, up 42.67%
Sequent Scientific is India's leading animal health company with a consolidated turnover of Rs 1,369 crore for FY24. Through its subsidiaries, the company operates in over 90 countries and manages seven manufacturing facilities.
Mepro Pharmaceuticals is a privately-owned pharmaceutical company with over four decades of experience in providing quality healthcare to highly regulated markets, including the UK, EU, Canada, and Australia. Headquartered in Mumbai, Mepro specialises in developing and manufacturing niche and technically complex pharmaceutical products across its four manufacturing facilities.
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