Strides Shasun share price rallies 5% on USFDA approval for new drug

Strides Shasun share price rallied over 5 per cent intraday after the company said its subsidiary Strides Pharma Global Pte has received final approval from the US Food and Drug Administration (USFDA) for generic Oseltamivir Phosphate capsules.

The stock gained 3.83 per cent to close at Rs 363.05 on BSE. During the day, it jumped 5.53 per cent to Rs 369.

At NSE, shares of the company rose by 5.28 per cent to end at Rs 368.30.

In terms of equity volume, 12.39 lakh shares of the firm were traded on BSE and over one crore shares changed hands at NSE during the day.

The company has received approval from the US health regulator for the capsules in the strengths of 30 mg (base), 45 mg (base) and 75 mg (base), Strides Shasun said in a BSE filing.

The product is a generic version of Hoffmann-La Roche Inc's Tamiflu capsules, it added.

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"As per IQVIA MAT April 2018 data, the US market for Oseltamivir Phosphate Capsules was approximately USD 725 million," Strides Shasun said.

The product will be manufactured at the company's oral dosage facility at Bengaluru and will be marketed by Strides Pharma Inc in the US market, it added.

Oseltamivir Phosphate capsule is prescribed to treat symptoms caused by the flu virus.