Lupin gains after launch of new drug for treatment of heart disease in Canada

Shares of Lupin Limited gained nearly 2 per cent on Wednesday after the company said that its wholly-owned subsidiary in Canada launched a heart disease treatment drug in the country.

In a filing to the stock exchanges on Tuesday,  Lupin said that its wholly-owned subsidiary Lupin Pharma Canada Ltd has launched Propranolol LA (long-acting) capsules in strengths of 60 mg, 80 mg, 120 mg and 160 mg. The Propranolol capsules are used for treatment of heart ailments.

Serving as a generic counterpart to Inderal LA, this launch offers a crucial solution following the discontinuation of the original drug, the company said.  

Beyond its role in symptom alleviation, the extended-release formulation helps in treatment and heightened patient adherence, which ultimately elevates overall quality of life, stated the company.

Lupin gets USFDA approval for Pirfenidone Capsules

Meanwhile, Lupin Limited received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for Pirfenidone Capsules, 267 mg. This approval positions Lupin to market a generic equivalent of Esbriet Capsules, which are manufactured by Hoffmann La Roche Inc. Lupin will manufacture its Pirfenidone Capsules at its Pithampur facility in India.

Pirfenidone Capsules had annual sales of $95 million in the US, according to IQVIA MAT June 2023 data.

The company had also recently announced the acquisition of diabetes drug brands Ondero and Ondero Met from German pharmaceutical company Boehringer Ingelheim. The acquisition deal also includes the trademark rights for the two brands.

Lupin share price

Shares of Lupin opened with nearly 2 per cent gain at Rs 1,118.15 apiece on BSE. However, the shares pared early gains and were trading 0.54 per cent higher at Rs 1,103 apiece at 12:57 PM.

In the last one week the stock has surged over 1 per cent and more than 13 per cent in the last one month. The pharma stock has surged more than 50 per cent so far this year.