Caplin Point shares hit upper-circuit post USFDA nod

The share price of Caplin Point was trading in green on Thursday after the company got approval from the United States Food and Drug Administration (USFDA) for its Verapamil Hydrochloride Injection USP.

The company’s wholly-owned subsidiary, Caplin Steriles received final approval for its abbreviated new drug application (ANDA) Verapamil Hydrochloride injection USP, 5 mg/2 mL (2.5 mg/mL) and 10 mg/4 mL (2.5 mg/mL) single-dose vial. The drug is used as a calcium channel blocker for the treatment of cardiac conditions, such as high blood pressure, arrhythmia and angina.

The latest approval of Caplin Steriles Limited is the generic therapeutic equivalent version of Isospin injection, 2.5 mg/mL, of Mt Adams Technologies. According to IQVIA (IMS Health), the generic equivalent version of the drug had US sales of around US$ 28 million for the twelve-month period, ending December 2019.

Speaking on the announcement, CC Paarthipan, Chairman of Caplin Point Laboratories Limited stated that the company would be launching this product in the US soon and is also expecting a couple more approvals in the near future, which should enhance its revenue traction in the US.

Caplin Point Laboratories Ltd manufactures a wide range of ointments, creams and other external application preparations, in addition to the regular segments of pharmaceutical formulations.

Reacting to this announcement, the stock of Caplin Steriles locked at its upper circuit of 20 per cent and thereby, trading was suspended at Rs 244.60 per share, up by 19.99 per cent or Rs 40.75 per share. The stock’s 52-week high is Rs 466 and the 52-week low is Rs 180 on BSE.