Strides Pharma jumps post receiving USFDA nod for Ranitidine

On November 1, 2019, the USFDA issued an update containing the latest information of Ranitidine. Concluding from the results provided by the USFDA, Strides Pharma’s Ranitidine Tablets 300 mg (Rx) are within acceptable limits for NDMA of 96 nanograms per day or 0.32 ppm.

Recently, since October 1, 2019, the USFDA had asked various companies to recall Ranitidine medicines as a few were feared to have a contamination with high levels of probable cancer causing N-Nitrosodimethylamine (NDMA). As the USFDA tested numerous Ranitidine products in the market over the last few months, it released a summary of results they have received till now. In the statement, USFDA indicated that if NDMA levels above the acceptable limits of 96 nanograms per day or 0.32 ppm are found by the agency or the manufacturers, companies should recall Ranitidine voluntarily. Several batches of manufacturers other than Strides Pharma, which are above the required limit, will be asked for a voluntary recall.

Strides Pharma also stated in the press release that in the coming days, it will provide additional updates including potential recommencement of the distribution of Ranitidine Rx by Strides Pharma based on available test results.

Reacting to this news, the stock Strides Pharma Science Limited was trading at Rs. 408.75, up by 5.05 per cent or Rs. 19.65 per share in early trading today. The 52-week high is Rs. 550.40 and 52-week low is Rs. 288 on the BSE.