Shares of Lupin rose 2 percent intraday on December 27 to Rs 914.20 after the company received USFDA approval for sevelamer carbonate for oral suspension.
"Lupin has received approval from the United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Sevelamer Carbonate for Oral Suspension, 0.8 g and 2.4 g packets to market a generic equivalent of Renvela for Oral Suspension, 0.8 g and 2.4 g Packets of Genzyme," the company said in its press release.
The product will be manufactured at the company’s Goa facility in India.
Sevelamer carbonate for oral suspension had an estimated annual sales of $51.7 million in the US (IQVIA MAT September 2021).
At 09:28 hrs, Lupin was quoting at Rs 912.20, up Rs 15.05, or 1.68 percent on the BSE.
Last week, the company received a tentative approval from the USFDA for its ANDA Azilsartan Medoxomil Tablets, 40 mg, and 80 mg to market a generic equivalent of Edarbi Tablets, 40 mg, and 80 mg, of Arbor Pharmaceuticals, LW. This product will be manufactured at the company's Nagpur facility in India.
The stock touched a 52-week high of Rs 1,267.50 and a 52-week low of Rs 854 on 02 June, 2021 and 20 December, 2021, respectively.