Though Lupin opened weaker at Rs.607, the stock soon rose 1% to an intraday high at Rs.614.60 and is now just about holding on to the green at Rs.611, with volumes up 1.5 times.
The company announced that it has received tentative approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) Ivacaftor Tablets, 150 mg, to market a generic equivalent of Kalydeco Tablets, 150 mg of Vertex Pharmaceuticals Incorporated.
This product will be manufactured at Lupin’s Nagpur facility in India.
Ivacaftor Tablets had estimated annual sales of US$109 million in the U.S. (IQVIA MAT March 2022).
Lupin stands as the third-largest pharmaceutical company in the U.S. by prescriptions. The company runs 15 manufacturing sites, 7 research centres, and more than 20,000 talent heads working globally.