Shares of this pharma company surged over 4.5% today!
The company received US FDA approval for new drugs.
About the Approval
The pharma company LUPIN has enclosed a press release regarding the receipt of tentative approval from the US FDA for the company’s Abbreviated New Drug Application, Valbenazine Capsules, 40 mg,60 mg, and 80 mg, to the market a generic equivalent of Ingrezza Capsules, 40 mg, 60mg, and 80 mg, of neurocrine Biosciences, inc. Valbenazine Capsules had estimated annual sales of USD 1.235 billion in the U.S. at the end of December 2022.
Price Action Of LUPIN
The scrip opened at Rs 644 and touched a high and low of Rs 673.75 and Rs 641.75, respectively. Its 52-week high stood at Rs 799 whereas its 52-week low was Rs 583. The current market cap of the company is Rs 30,506 crore. Promoters hold 47.10%, whereas Foreign institutional and Domestic institutional holdings are 13.98% and 29.39%, and Public 9.51% respectively.
Lupin Limited is a global pharmaceutical company based in Mumbai, India. The company was founded in 1968 and has grown to become one of the largest pharmaceutical companies in India, as well as one of the largest generic drug manufacturers in the world.
Lupin develops, manufactures, and markets a wide range of pharmaceutical products in several therapeutic areas, including cardiovascular, diabetology, asthma, paediatrics, central nervous system, and gastroenterology. The company has a strong presence in the United States, Europe, and Asia, and is actively expanding its global footprint.
Lupin has a strong focus on research and development, with multiple R&D facilities in India and around the world. The company invests heavily in developing new products and improving existing ones and has a robust pipeline of generic and speciality pharmaceutical products.
In addition to its pharmaceutical operations, Lupin is also involved in other businesses such as the manufacturing of medical devices, and animal health products.
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