Strides Pharma hits all time high after USFDA approval for this drug
Source: Business Standard
Strides Pharma share price today reached its all time high at Rs 1394.95 per share on the BSE, rising as much as 3.79 per cent in Friday’s intraday deals. This came after the company announced that its step-down wholly owned subsidiary Strides Pharma Global Pte. Limited in Singapore, has received approval for the generic version of Theophylline extended-release tablets, 300 mg and 450 mg, from the United States Food & Drug Administration (USFDA).
The Theophylline tablets will be manufactured at the company’s flagship facility in KRS Gardens in Bangalore, India, the company said in an exchange filing on Friday.
The product is a generic equivalent to the reference listed drug (RLD), Theo-Dur, of US based Schering Corp. Theophylline extended-release tablets are indicated for the treatment of symptoms and reversible airflow obstruction associated with chronic asthma and other chronic lung diseases, e.g., emphysema and chronic bronchitis.
The medication works as a bronchodilator, relaxing the muscles around the bronchial tubes to ease breathing. It is particularly helpful in preventing and treating symptoms such as wheezing, shortness of breath, and chest tightness. The extended-release formulation allows for prolonged drug release, reducing the frequency of dosing and providing consistent relief from symptoms over time.
Theophylline Extended-Release Tablets, 300 mg and 450 mg have a combined market size of $ 11.5 million, with the 300 mg dosage contributing $10.8 million, according to data by as per IQVIA.
Headquartered in Bengaluru, India, Strides Pharma is an integrated manufacturer and exporter of finished pharmaceutical dosage forms for both branded and generic markets. It produces a broad range of ethical pharmaceuticals, over-the-counter (OTC) products, and nutraceuticals.
The company has a total market capitalisation of Rs 12,586.32 crore. Its shares are trading at a price to earnings multiple of 201.17 times with an earning per share of Rs 6.68 per share.
At 13:33 PM; the share price of the company was trading 1.84 per cent higher at Rs 2236.70. By comparison, the BSE Sensex was trading 0.13 per cent higher at 82,474 levels.
First Published: Sep 06 2024 | 1:45 PM IST
