Strides Pharma receives USFDA approval for bacterial antibiotic

The shares of Strides Pharma were trading in green on Wednesday after the company announced that its step down wholly-owned subsidiary, Strides Pharma Global Private Limited (Singapore) received approval from the United States Food and Drug Administration (USFDA) for its Tetracycline Hydrochloride Capsules USP, 250 mg and 500 mg. The product is to be manufactured at the company's flagship facility in Bangalore and will be marketed by Strides Pharma in the US market.

According to Quintiles and IMS Health (IQVIA) MAT data, US market for Tetracycline Hydrochloride Capsules USP, 250 mg and 500 mg are around US$ 16 million. It is used as an antibiotic to treat many bacterial infections of the skin, intestines, respiratory tract, urinary tract, genitals, lymph nodes and other body systems.

Strides Pharma Science Ltd global pharmaceutical company is engaged in the development and manufacturing of Active Pharmaceutical Ingredients (APIs) and formulations, as well as biotech. The company has 123 cumulative Abbreviated New Drug Application (ANDA) filings with USFDA of which 84 ANDAs have been approved and 39 are pending approval.

At 12 pm on Wednesday, the stock was trading at Rs 479.20, up by 2.69 per cent or Rs 12.55 per share. The 52-week high is recorded at Rs 547.35 and the 52-week low is Rs 288 on BSE.