Lupin shares hit fresh 52-week high on the back of drug launch and USFDA approval
Pharmaceutical company Lupin has hit a new 52-week high price on the back of the launch of its generic drug to combat Chronic Obstructive Pulmonary Disease (COPD) as well as receiving approval from USFDA for another drug.
Shares of Lupin Ltd hit a new 52-week high on Thursday on the back of the launch of its generic drug to combat Chronic Obstructive Pulmonary Disease (COPD) as well as receiving approval from the United States Food and Drug Administration for another product.
The company’s share price hit a new 52-week high of Rs 1,143.95 apiece on the NSE immediately after markets opened on Thursday. Shares were up by 2.79 per cent over the previous close of Rs 1112.85 apiece.
However, the stock pared some early gains, and the pharma company’s shares were trading at Rs 1095.85 a piece, down 1.53 per cent, on the NSE at 11:35 AM.
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Launch of COPD treatment
The company informed the bourses that it was launching its Tiotropium Bromide Inhalation Powder 18 mcg capsule, the generic Boehringer Ingelheim Pharmaceuticals’ Spiriva HandiHaler. Spiriva is used in the treatment of COPD. The company’s generic equivalent for the drug is the first generic drug to hit the US market, where it had an annual market of $1.26 billion (Rs 10,364 crore), according to IQVIA MAT March 2023 data.
New drug approval from USFDA
The company also announced that it had received an Abbreviated New Drug Application (ADNA) from the USFDA for Metoprolol Succinate Extended-Release Tablets, a generic therapeutic equivalent to Sequel Therapeutics’ Toprol-XL Tablets. Toprol-XL is used in the treatment of cardiac issues like angina, high blood pressure, and cardiac failure. The market for Topral-XL in the US stood at $305 million.
Lupin already enjoys a leading position in the cardiovascular, anti-diabetic, and respiratory segments. As part of its position, the company also announced the launch of its patient support programme ‘Jeet’, with the aim of helping patients who suffer from cardiac issues. The app will have a reward mechanism to encourage patients to improve their lifestyles and also help patients manage their prescriptions and medication through reminders. Finally, ‘Jeet’ will also have heart-health coaches who can suggest lifestyle improvements to patients.