Strides Pharma Science share price down nearly 3 percent intraday on November 23 despite the company receiving approval for Prednisone Tablets from US FDA.
Strides Pharma Science's step-down wholly-owned subsidiary, Strides Pharma Global Pte., Singapore, has received approval for Prednisone Tablets USP, 2.5 mg and 5 mg from the United States Food & Drug Administration (USFDA).
The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Deltasone Tablets, 2.5 mg and 5 mg, of Pharmacia and Upjohn Co.
The US market for Prednisone Tablets USP, 2.5 mg and 5 mg is approximately USD 30 million, According to IQVIA MAT September 2020 data.
The product will be manufactured at the company’s flagship facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market.
The company has 127 cumulative ANDA filings with USFDA of which 93 ANDAs have been approved and 34 are pending approval.
At 12:43 hrs Strides Pharma Science was quoting at Rs 700.00, down Rs 10.40, or 1.46 percent on the BSE.
The share touched its 52-week high Rs 764.60 and 52-week low Rs 271.00 on 14 October 2020 and 20 March 2020, respectively.
Currently, it is trading 8.45 percent below its 52-week high and 158.3 percent above its 52-week low.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
