Lupin receives FDA approval for generic Seroquel XR Tablets

Pharma Major Lupin Limited (Lupin) announced that it has received final approval for its Quetiapine Fumarate Extended-Release Tablets, 50 mg, 150 mg, 200 mg, 300 mg and 400 mg from the United States Food and Drug Administration (FDA).

May 19, 2017 08:05 IST India Infoline News Service

Pharma Major Lupin Limited (Lupin) announced that it has received final approval for its Quetiapine Fumarate Extended-Release Tablets, 50 mg, 150 mg, 200 mg, 300 mg and 400 mg from the United States Food and Drug Administration (FDA) to market a generic version of AstraZeneca Pharmaceuticals LP’s Seroquel XR Tablets 50 mg, 150 mg, 200 mg, 300 mg and 400 mg.
 
Lupin’s Quetiapine Fumarate Extended-Release Tablets, 50 mg, 150 mg, 200 mg, 300 mg and 400 mg are the AB rated generic equivalent of AstraZeneca Pharmaceuticals LP’s Seroquel XR® Tablets 50 mg, 150 mg, 200 mg, 300 mg and 400 mg.
 
It is indicated for the treatment of schizophrenia; acute manic or mixed episodes in bipolar I disorder alone or as an adjunct to lithium or divalproex; acute depressive episodes in bipolar disorder; maintenance treatment of bipolar I disorder, as an adjunct to lithium or divalproex and as an adjunctive therapy to antidepressants for the treatment of major depressive disorder.

Seroquel XR® Extended-Release Tablets had US sales of USD 1.27 billion (IMS MAT March 2017).
 
Stock view:
 
Lupin Ltd ended at Rs 1304.9, up by Rs 7.85 or 0.61% from its previous closing of Rs 1297.05 on the BSE.
 
The scrip opened at Rs 1297 and touched a high and low of Rs 1320 and Rs 1283.3 respectively. A total of 1204470(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 58938.56 crore.
 
The BSE group 'A' stock of face value Rs 2 touched a 52 week high of Rs 1750 on 29-Jul-2016 and a 52 week low of Rs 1242.5 on 09-May-2017. Last one week high and low of the scrip stood at Rs 1320 and Rs 1245.6 respectively.
 
The promoters holding in the company stood at 46.69 % while Institutions and Non-Institutions held 41.24 % and 12.06 % respectively.
 
The stock traded below its 200 DMA.

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