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Strides Shasun share price gained nearly 2 percent intraday Thursday after its wholly owned subsidiary Strides Pharma Global Pte Ltd has received approval from the US health regulator for antihistamine drug.
Cyproheptadine hydrochloride tablets is a generic version of Periactin tablets of Merck & Co Inc.
Cyproheptadine is an antihistamine used to relieve allergy symptoms such as watery eyes, runny nose, itching eyes/nose, sneezing, hives, and itching. It works by blocking a certain natural substance (histamine) that your body makes during an allergic reaction, according to WebMD.
According to IQVIA data, the US market for Cyproheptadine hydrochloride tablets is approximately USD 20 million.
"The product will be manufactured at oral dosage facility at Bangalore and will be marketed by Strides Pharma Inc in the US market," the company said.
The company has 74 cumulative ANDA filings with USFDA of which 46 ANDAs have been approved as of date and 28 are pending approval.
Meanwhile, Strides said Solara has completed allotment of equity shares on April 11 as required under the composite scheme to the shareholders of the company who are holding shares of the company as at the record date - April 9.
The share entitlement ratio for allotment of shares under the composite scheme is one equity share of Rs 10 each of Solara for every six equity shares of Rs 10 held by the shareholder in Strides. The equity shares so allotted by Solara shall be subsequently listed on the BSE Limited and National Stock Exchange of India Limited as provided in the Composite Scheme.
At 12:04 hours IST, the stock price was quoting at Rs 644.80, up Rs 2.95, or 0.46 percent on the BSE.
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