JV of Alembic receives approval for Lidocaine Ointment

Alembic Pharma’s joint venture, Aleor Dermaceuticals has received USFDA approval for Lidocaine Ointment USP. Shares of the company were up by almost 2 per cent intraday.

Aleor is a 60:40 joint venture between Alembic and Orbicular Pharmaceutical Technologies Private Limited (Orbicular) formed in April 2016 focusing on commercialising dermatology products, globally.

The United States Food and Drug Association (USFDA) has given approval for the Abbreviated New Drug Application (ANDA), Lidoccaine Ointment USP 5, 5%. The ointment is indicated for application of anesthesia on the accessible mucous membranes of the oropharynx. It is also useful as an anesthetic lubricant for intubation and for the temporary relief of pain associated with minor burns, including sunburn, abrasions of the skin and insect bites.

Lidocaine Ointment USP, 5% is therapeutically equivalent to the reference listed drug product (RLD), Xylocaine Ointment, 5%, of AstraZeneca Pharmaceuticals LP (AstraZeneca). It has an estimated market size of US$ 97 million for 12-months ending December 2017 according to IQVIA stats.

On Monday, the shares of the company opened at Rs. 554 per share as against Thursday’s close of Rs 559.95. However, at 14:46 hours, the shares of the company were trading at Rs. 568, up by 0.94 per cent or by 5.25 points. The intraday high was Rs. 572.85 and intraday low was Rs. 554 per share on the BSE. Its 52-week high was Rs. 664 and 52-week low was Rs. 412.40 per share on the BSE. Meanwhile, the BSE Sensex was at 35,335.79 level, up by 1.01 per cent and the Nifty50 was at 10,627.15 level, up by 0.96 per cent.