Shares of pharma major Lupin Ltd.
are up 2% after the company announced the launch of Imatinib Mesylate Tablets, 100 mg (base) and 400 mg (base), via a filing today.
The company's filing on NSE stated, "The company announced the launch of Imatinib Mesylate Tablets, 100 mg (base) and 400 mg (base). Lupin’s alliance partner Natco had received an approval from the United States Food and Drug Administration (U.S. FDA) earlier. Lupin’s Imatinib Mesylate Tablets, 100 mg (base) and 400 mg (base), is the generic version of Novartis Pharmaceuticals Corporation’s (Novartis) Gleevec® Tablets, 100 mg and 400 mg."
The drug is indicated for the treatment of newly diagnosed adult and pediatric patients with Philadelphia chromosome positive chronic myeloid leukemia (Ph+ CML) in chronic phase and several other conditions.
Imatinib Mesylate Tablets, 100 mg (base) and 400 mg (base), had annual sales of approximately $548mn in the US (IQVIA MAT: May 2019).
The Nifty Pharma index has surged 3% in afternoon trade amid buying interest seen in Sun Pharma. Cipla, Divi’s Lab.
Sun Pharma jumped 6% and among top gainers in the pharma index, followed by shares of Piramal Ent, Glenmark and Aurobindo Pharma, which rose in the range of 3-4% respectively, were also among top contributors.
Lupin Ltd is currently trading at Rs746.70 up by Rs12.95 or 1.76% from its previous closing of Rs733.75 on the BSE.
The scrip opened at Rs734 and has touched a high and low of Rs750.60 and Rs730.85 respectively. So far 6,80,648 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs33,208.85cr.