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Last Updated : Feb 07, 2020 11:22 AM IST | Source: Moneycontrol.com

Strides Pharma share price gains 3% after co acquires 18 ANDAs for US market

With access to these products, Strides Pharma will significantly expand its niche offerings on its front end, which has grown multi‐folds to attain a quarterly revenue size of $66 million

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Strides Pharma Science touched a 52-week high of Rs 510, adding 3 percent intraday on February 7, after the company's subsidiary entered into agreement to acquire 18 ANDAs for the US market.

The company's step‐down wholly‐owned subsidiary, Strides Pharma Global Pte, Singapore, has entered into a definitive asset transfer and licensing agreement with Pharmaceutics International (Pii) to acquire 18 ANDAs for the US market.

With access to these products, Strides Pharma will significantly expand its niche offerings on its front end, which has grown multi‐folds to attain a quarterly revenue size of $66 million, the company said in release.

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Of the 18 products successfully developed by Pii, 11 are currently approved by USFDA while the remaining seven products are submitted and are under different stages of review with the agency.

Of the 11 approved ANDAs, Strides Pharma is currently commercialising two ANDAs with product supply from Pii, while the remaining approved ANDAs will be transferred to Strides’ global manufacturing facilities and commercialised over the next 18‐24 months, it added.

At 10:47 hours, Strides Pharma Science was quoting at Rs 498.75, up Rs 5.10, or 1.03 percent on the BSE.

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First Published on Feb 7, 2020 11:12 am
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