Lupin gains 4% on drug launch in US

NEW DELHI: Shares of Lupin advanced over 3 per cent on Friday after the company launched generic Vigamox ophthalmic solution in the US.

Following the development, the scrip rose 4.56 per cent to Rs 1,130.55 on BSE. It eventually closed the day 3.28 per cent up at Rs 1,116.75. The stock opened at Rs 1,082.9 and touched an intraday high and low of Rs 1,136 and Rs 1,085, respectively.

In a filing to BSE, the company said, "Moxifloxacin Hydrochloride Opthalmic solution is the ATI rated generic equivalent of Novartis Pharms Corp's Vigamox ophthalmic solution, indicated for the treatment of bacterial conuctivitis."

Vigamox had US sales of USD 267.9 million (IMS MAT March 2017), the report added.

Promoters held 46.69 per cent stake in the company as of March 2017.

For the quarter ended March 2017, the company reported net sales worth Rs 4,253.3 crore and net profit of Rs 381.99 crore.

Lupin, incorporated in the year 1983, is a large cap company with a market cap of Rs 51,038.03 crore, operating in pharmaceuticals and health care sector.