52-week high alert: This pharmaceutical company stock surges on getting USFDA’s approval for new drug!

This drug had estimated annual sales of USD 262 million in the US.

Lupin Ltd has received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for Obeticholic Acid Tablets, 5 mg and 10 mg, a generic equivalent of Ocaliva Tablets, 5 mg and 10 mg, of Intercept Pharmaceuticals, Inc. This product will be manufactured at Lupin’s Nagpur facility in India. As per IQVIA MAT March 2023 sales data, Obeticholic Acid tablets had estimated annual sales of USD 262 million in the US.

Lupin is an innovation-led transnational pharmaceutical company producing, developing and marketing a wide range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.

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Lupin is currently trading at Rs 814.05, up by 9.50 points or 1.18 per cent from its previous closing of Rs 804.55 on the BSE. The scrip opened at Rs 800.05 and has touched a high and low of Rs 816.90 and Rs 800.05 respectively. So far 20,727 shares were traded on the counter.

The BSE group 'A' stock of face value of Rs 2 has touched a 52-week high of Rs 816.90 on June 1, 2023, and a 52-week low of Rs 592.55 on Jun 17, 2022.