Lupin share price gains on USFDA approval for nasal spray

Lupin: The pharma company has received approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Cyanocobalamin nasal spray. Cyanocobalamin is a generic equivalent of Nascobal nasal spray, which is available in the strength of 500 mcg per spray, of Par Pharmaceutical Inc. This product will be manufactured at Lupin’s Somerset facility in the US. Cyanocobalamin nasal spray had estimated annual sales of $69 million in the US, as per IQVIA MAT Mar 2023.

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Lupin share price gained over a percent in the early trade on July 4 as the company received approval from the United States Food and Drug Administration (USFDA) for nasal spray.

At 9:52 am, shares of Lupin were up 0.7 percent at Rs 898.35 on the BSE. The stock is barely a percent away from its 52-week high of Rs 908.4. The stock has rallied close to 40 percent in the past three months.

Lupin has received approval from USFDA for its abbreviated new drug application for Cyanocobalamin Nasal Spray, 500 mcg/spray (One Spray per Device), a generic equivalent of Nascobal Nasal Spray, 500 mcg/spray of Par Pharmaceutical, Inc.

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The product will be manufactured at Lupin’s Somerset facility in the US.

Cyanocobalamin Nasal Spray had estimated annual sales of USD 69 million in the US, as per IQVIA MAT data of March 2023.

Last month, the company launched Rufinamide Oral Suspension, 40 mg/mL, a generic equivalent of Banzel Oral Suspension, 40 mg/mL of Eisai Inc.

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