Lupin hits 52-week high on tentative USFDA approval for dapagliflozin and saxagliptin tablets

5 Jan 2024 , 11:32 AM

Lupin Limited’s shares hit a 52-week high of Rs 1,429.95 in early trade on January 5 after the company said that the US Food and medicine Administration (USFDA) had granted it preliminary permission to commercialize a generic diabetic medicine.

At around 11.03 AM, Lupin was trading 0.39% lower at Rs 1,393.55 per piece, against the previous close of Rs 1,399 on NSE.

The Mumbai-based company announced on January 4 that it has obtained approval from the American regulator for its abbreviated new drug application for dapagliflozin and saxagliptin tablets. The product serves as a generic counterpart to AstraZeneca AB’s Qtern tablets.

Lupin plans to manufacture the drug at its Pithampur Facility in Madhya Pradesh.

Dapagliflozin and saxagliptin tablets are used to enhance glycemic control in persons with type 2 diabetes in addition to diet and exercise.

The FDA approved the pharma company’s generic loteprednol etabonate ophthalmic fluid for seasonal allergic conjunctivitis in December.

Lupin Atlantis Holdings SA, Switzerland, a wholly-owned subsidiary of the firm, has agreed to purchase a portfolio of established pharmaceuticals in Europe and Canada from Sanofi, a French multinational pharmaceutical and healthcare company, for EUR 10 million (Rs 91 crore).

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