Lupin shares fall 2% despite receiving approval for Acotiamide tablets
Shares of Lupin slumped by nearly Rs 28 or 2% to Rs 1549.05 despite recieving approval for its Acotiamide 100 mg (milligram) tablets from the Central Drugs Standard Control Organisation (CDSCO).
The stock price of Lupin opened at Rs 1570 lower from its previous closing of Rs 1577.25.
Nearly 33,214 shares have been exchanged by investors on BSE index.
The pharma major announced today that it has received approval for Acotiamide 100 mg tablets from the CDSCO to treat functional Dyspepsia. This would be a first-class product for Indian market for which Lupin will soon commence its promotion in this market.
Naresh Gupta, President, Lupin Limited said “We have a rich legacy of having introduced novel treatments to address unmet medical needs in the country. I am sure that the approval of Acotiamide would go a long way in addressing an otherwise common but unmet medical need for a safe and effective drug for the management of dyspepsia.”
Acotiamide is a first-in-class novel drug to be introduced into the Indian Pharmaceutical Market (IPM) which could benefit millions of patients suffering from Dyspepsia or Indigestion, amongst the most common stomach complaints encountered in clinical practice.
Recently, the company also receieved United States Food and Drug Administration (FDA) approval for its US subsidiary, Gavis Pharmaceuticals LLC., U.S.A. (collectively Lupin) for its Potassium Chloride Extended Release Capsules.
The company reported consolidated net profit of Rs 881.9 crore, registering growth of 55.12% yoy (year-on-year) and 17.93% qoq (quarter-on-quarter) for the quarter ended June 30, 2016.