Last Updated: September 15, 2023, 14:05 IST
Strides Pharma’s share price jumps 11.5% on FDA’s tentative approval for generic HIV treatment drug.
Pharmaceutical company Strides Pharma Science shares rose over 11.5% to hit a 52-week high; Details
Pharmaceutical company Strides Pharma Science shares rose over 11.5% to hit a 52-week high after the company’s arm received the United States Food and Drug Administration’s (USFDA’s) tentative approval for a generic HIV treatment drug.
Strides Pharma stock price is trading in the green zone for the third consecutive day, and so has gained over 11 per cent. Strides Pharma Science Limited’s share price opened at Rs 488 apiece on BSE, and touched an intraday high of Rs 522.20.
In its exchange filing, the company stated that the USFDA has given its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, a tentative approval for Dolutegravir 50mg tablets.
The drug class known as antiretrovirals includes dolutegravir tablets. For individuals who are new to treatment, this drug serves as the first line of antiretroviral therapy (ART). It functions by limiting the virus’ ability to multiply within human cells.
“The products will be manufactured at the company’s facility in Bengaluru. The conversion of this tentative approval to a full approval is expected upon expiry of the constraining patents.
The PEPFAR tentative approval for Strides qualifies the Company to participate in global donor-funded programs that procure this lifesaving medicine and it is supplied in 126 countries. As of the full year 2022, donor procurement for the Dolutegravir 50mg tablet is estimated at a value of ~35mn USD. This product further strengthens the available offerings in HIV treatment from Strides,” the company said in an exchange filing.
Strides is a global pharmaceutical company headquartered in Bengaluru. The company mainly operates in regulated markets and has an “in Africa for Africa” strategy and an institutional business to service donor-funded markets.
