Lupin gets FDA approval for Hydrocodone Bitartrate and Acetaminophen Tablets

Mumbai : Pharma major, Lupin Limited, announced that its US subsidiary, Gavis Pharmaceuticals LLC., U.S.A. (collectively Lupin) has received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg from the United States Food and Drug Administration (FDA) to market a generic equivalent of Mikart, Inc's Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg.

Lupin's Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg are the AA rated generic equivalent of Mikart, Inc's Hydrocodone Bitartrate and Acetaminophen Tablets USP, 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg. It is indicated for the relief of moderate to moderately severe pain.

Hydrocodone Bitartrate and Acetaminophen Tablets USP had US sales of $ 89.6 million (IMS MAT September 2016).

Stock View:

Lupin Ltd is currently trading at Rs 1430, up by Rs 22.45 or 1.59% from its previous closing of Rs 1407.55 on the BSE.

The scrip opened at Rs 1412 and has touched a high and low of Rs 1437.7 and Rs 1405 respectively. So far 594846(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 63514.71 crore.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 1911.55 on 09-Feb-2016 and a 52 week low of Rs 1294.05 on 29-Mar-2016. Last one week high and low of the scrip stood at Rs 1548.8 and Rs 1393 respectively.

The promoters holding in the company stood at 46.74% while Institutions and Non-Institutions held 41.85% and 11.41% respectively.

The stock is currently trading below its 200 DMA.