The drug is expected to take around five-to-seven years to be commercialised. Lupin will receive an upfront payment of $20 million
Trends on SGX Nifty indicate a positive opening for the broader index in India, with 0.17 percent gain or 19 points. Nifty futures were trading around 11,071-level on the Singaporean Exchange.
As per the agreement, Creso has given Pharma Dynamics sole distribution rights of its products across South Africa, Namibia, Botswana, Zimbabwe, Swaziland, Lesotho, Angola, Mozambique and Uganda, Lupin said in a statement.
Trends on SGX Nifty indicate a negative opening for the broader index in India, with 0.08 percent loss or 9 points. Nifty futures were trading around 10,716-level on the Singaporean Exchange.
The product is a generic version of Eli Lilly and Company's Prozac tablets in the same strengths, it added.
The cream is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses in adult patients, Lupin said.
Motilal Oswal is bullish on Lupin has recommended buy rating on the stock with a target price of Rs 885 in its research report dated August 08, 2019.
The inspection by the the USFDA for facility at Nagpur was carried out between August 5, 2019 and August 8, 2019. It closed without any 483 observations.
The drug firm on August 7 reported a 49.46 percent rise in consolidated net profit to Rs 303.05 crore for the quarter ended June 30, 2019 on account of robust sales in India and overseas.
Lupin revenues rose 15 percent YoY to Rs 4,418.4 crore in Q1FY20
“FY2020 is an exciting year for Lupin as we plan to bring our first biosimilar to market, commercialise our first inhalation product in the US, continue the growth momentum in our US generics business and launch our injectables portfolio,” said Vinita Gupta, CEO and Nilesh Gupta, MD of Lupin in the company’s annual report.
Net Sales are expected to increase by 14.6 percent Y-o-Y to Rs. 4,324.2 crore, according to Prabhudas Lilladher.
Imatinib is the generic version of Novartis Pharmaceuticals Corporation's Gleevec tablets
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 14 points or 0.12 percent. Nifty futures were trading around 11,554-level on the Singaporean Exchange.
Japanese brokerage Nomura also maintained its buy call on Lupin with a price target at Rs 1,017 as it expects the consolidation trend in pharma to continue
ICICI Direct recommended hold rating on Lupin with a target price of Rs 810 in its research report dated May 16, 2019.
The company is recalling 18,408 (60 ml) bottles.
PMDA is Japanese regulatory agency that protects public health by assuring safety, efficacy and quality of pharmaceuticals and medical devices.
HDFC Securities is bullish on Lupin has recommended buy rating on the stock with a target price of Rs 930 in its research report dated May 16, 2019.
The company has received a letter from the US Food and Drug Administration (USFDA) classifying the inspection conducted at its Goa facility between January 28 to February 8 as Official Action Indicated (OAI), Lupin said in a regulatory filing.
The company has launched its generic product after receiving the approval from the USFDA.
On May 16, S&P BSE Oil & Gas rose 1.5 percent, followed by the S&P BSE realty that gained 1.3 percent, and the S&P BSE Power that was up 1.3 percent
On the NSE, shares tanked 5.84 percent to Rs 736.40.