Strides Pharma gains as subsidiary gets USFDA approval

Strides Pharma’s step-down wholly-owned subsidiary, Strides Pharma Globe Pte. Limited, Singapore, received USFDA approval for Lidocaine Ointment. The stocks of Strides gained 2 per cent in the morning trading session.

The United States Food and Drug Association (USFDA) has given a green signal for Lidocaine Ointment which will be marketed by Strides Pharma Inc. in the US markets and will be launched immediately. The IQVIA MAT data suggests that the US market for Lidocaine Ointment USP 5 per cent is approximately US$ 50 million.
Lidocaine Ointment contains a local anaesthetic agent which is administered topically to numb and relieve pain from minor burns, skin abrasions, and other painful conditions affecting mucous membranes. Lidocaine can also be used to numb the skin before certain medical procedures. The said ointment is a generic version of Xylocaine Ointment of AstraZeneca.

Strides Pharma is engaged in the development and manufacturing of active pharmaceutical ingredients (APIs) and formulations, as well as biotech. Its business segments include pharmaceutical and biotech businesses. The company focuses on developing complex pharmaceutical products across therapeutic segments. The company's products include general tablets, hard gelatin capsules, soft gelatin capsules, sachets, dry powders, dry syrups, potent drugs, semi-solids, ointments and creams.

On Thursday, the shares of Strides Pharma Science opened higher at Rs. 478 per share against Wednesday’s close of Rs. 463.30. At 10:01 hours, the stock was trading at Rs. 470.55, up by 1.56 per cent. The intraday high was Rs 478 and the intraday low was Rs. 466 per share on the BSE. Its 52-week high was Rs. 875 and the 52-week low was Rs. 334.10 per share on the BSE.

Meanwhile, the BSE Sensex was at 36,010.81 level, up by 0.65 and the Nifty50 was at 10,809.45 level, up 0.67 per cent.