Lupin shares gain on getting USFDA nod for potassium deficiency drug

By: | Updated: August 18, 2016 5:28 PM

Lupin was trading higher in the afternoon trade on Thursday after the pharma company informed bourses that its US subsidiary, Gavis Pharmaceuticals LLC., USA (collectively Lupin) has received final approval for its Potassium Chloride Extended Release Capsules

lupin shares, bse sensexLupin was trading higher in the afternoon trade on Thursday after the pharma company informed bourses that its US subsidiary, Gavis Pharmaceuticals LLC., USA (collectively Lupin) has received final approval for its Potassium Chloride Extended Release Capsules (Reuters)

Lupin was trading higher in the afternoon trade on Thursday after the pharma company informed bourses that its US subsidiary, Gavis Pharmaceuticals LLC., USA (collectively Lupin) has received final approval for its Potassium Chloride Extended Release Capsules from the United States Food and Drug Administration (USFDA) to market a generic equivalent of Actavis Labs FL, Inc’s Potassium Chloride Extended Release Capsules. Potassium Chloride Extended Release Capsules has US sales of $75.4 million, accoring to IMS MAT March 2016 data.

At 1.51 pm, shares of Lupin were trading 0.12 per cent up at Rs 1597.20. The scrip opened the day at Rs 1598 and has touched a high and low of Rs 1607.65 and Rs 1591.50, respectively, in trade so far. Later, the share price settled 0.34 per cent down at Rs 1589.90.

Lupin’s Potassium Chloride Extended Release Capsules USP, 8 mEq (600 mg) and 10 mEq (750 mg) are the AB rated generic equivalent of Actavis Labs FL, Inc’s Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq. It is indicated for the treatment of patients with hypokalemia, with or without metabolic alkalosis, in digitalis intoxications and in patients with hypokalemic familial periodic paralysis. It is also indicated for the prevention of hypokalemia in patients who would be at a particular risk if hypokalemia were to develop, e.g., digitalized patients or patients with significant cardiac arrhythmias.

For the quarter ended June 30, 2016, Lupin reported a consolidated net profit of Rs 881.95 crore, up 55.12 per cent, against Rs 568.55 crore in the corresponding quarter a year ago. Gross sales of the company jumped by 40.01 per cent year-on-year to Rs 4313.56 crore for the quarter under review against Rs 3080.87 crore in the same quarter last fiscal.

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