Lupin divests its Japanese injectables business

Shares of Lupin gained more than a per cent after the company announced divestment of Japan-based injectables business. However, the stock closed flat on Thursday.

After opening on a flat note, the stock picked up pace on reports of company divesting its injectables business and related assets in Japan through its Japanese subsidiary to neo-ALA, wholly-owned subsidiary of Neopharma group, the UAE's largest pharmaceutical manufacturer, Abu Dhabi. The plant and associated facilities are based out of Atsugi, Japan and have been engaged in sales and contract manufacturing of injectable products to meet various medical needs. However, the transaction is subject to customary closing conditions approved by the Board of Directors.

On another note, Lupin has launched Fluoxetine Tablets USP, 10 mg and 20 mg, after having received approval from the United States Food and Drug Administration (U.S. FDA) earlier. The company’s Fluoxetine Tablets USP, 10 mg and 20 mg, is the generic version of Eli Lilly and Company’s Prozac Tablets, 10 mg and 20 mg. These tablets are used for the treatment of Major Depressive Disorder (MDD), Obsessive-Compulsive Disorder (OCD), Bulimia Nervosa and Panic Disorder.

According to IQVIA MAT June 2019 stats, Fluoxetine Tablets USP, 10 mg and 20 mg (RLD: Prozac) had annual sales of approximately USD 53 million in the US.

The shares of the company on Thursday had opened at Rs. 735.85 against Wednesday’s close of Rs.735.20. At closing hours, it was trading at Rs.737.25, 0.28 per cent higher than its previous close. The stock hit an intraday high of Rs. 745.95 and its intraday low was Rs. 731.75. Its 52-week high was Rs. 986 and the 52-week low was Rs. 697.30 per share on the BSE.