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Lupin share rises 5% on USFDA approval for asthma drug

Share price of Lupin gained 5.25% to Rs 1021 against previous close of Rs 970.10 on BSE

twitter-logoBusinessToday.In | August 25, 2020 | Updated 16:19 IST
Lupin share rises 5% on USFDA approval for asthma drug
Lupin share has gained 31.62% in last one year and gained 27.06% since the beginning of this year.

Lupin share price rose over 5% on Tuesday after the firm announced it received approval from the United States Food and Drug Administration (USFDA) for inhalation product Albuterol Sulfate for asthma patients. Share price of Lupin gained 5.25% to Rs 1021 against previous close of Rs 970.10 on BSE.

Lupin  stock has gained after 2 days of consecutive fall. The share stands higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

The share has gained 31.62% in last one year and gained 27.06% since the beginning of this year. In a month, the share has gained 13.78%. Later, the share saw profit booking and closed 0.18% lower at Rs 971.85.

Total 1.56 lakh shares changed hands amounting to turnover of Rs 15.36 crore. Market cap of the pharma firm rose to Rs 44,038 crore.

Lupin's generic Albuterol Sulphate MDI will be manufactured at its Indore (Unit III) facility in India. ProAir HFA(Albuterol Sulfate Inhalation Aerosol) is the registered trademark of Teva Branded Pharmaceutical Products R&D, Inc. (Teva) and is indicated for the treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms.

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Commenting on the development, Vinita Gupta, CEO, Lupin said, "Approval of our generic Albuterol MDI is a significant milestone in our complex generics evolution and a validation of our Inhalation team's development capabilities,backed by our global manufacturing strength in handling multiple dosage forms. The approval is timely as Albuterol MDI is a key rescue inhalation product for asthma patients who are at an increased risk of COVID-related complications.  We look forward to launching the product this quarter and expect a steady ramp-up through the fiscal year."

Meanwhile, Sensex ended 44 points higher at 38,843 and Nifty 50 index gained 5 points to 11,472.

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