Strides Pharma rises nearly 3 per cent on receiving USFDA nod for Oxybutynin Chloride tablets
Strides Pharma Science today announced that its wholly-owned subsidiary, Strides Pharma Global Pte Ltd (Singapore) has received approval for Oxybutynin Chloride tablets USP, 5 mg from United States Food & Drug Administration (USFDA). The tablet is therapeutically and bioequivalent equivalent to the reference listed drug (RLD), Ditropan tablets, 5 mg, of Janssen Pharmaceuticals, Inc.
Reacting to this, the stock of Strides Pharma Science jumped 2.83 per cent on Friday and made an intraday high of Rs 792.90 per share.
These tablets will be manufactured at the company’s Bengaluru plant and marketed by Strides Pharma Inc. in the US market. As per IQVIA MAT October 2020 data, the US market for Oxybutynin Chloride tablets USP, 5 mg is approximately Rs 200 crore.
The tablets are used to treat overactive bladder and urinary conditions. It helps in relaxing the muscles in the bladder to decrease problems of urgency and frequent urination.
The company has a total of 127 ANDA filings with USFDA. Out of which, 94 ANDAs have been approved and 33 are still pending approval.
At 2.45 pm today, the stock of Strides Pharma Science was trading at Rs 785.80 per share on BSE, up by 1.91 per cent.