Lupin surges as its arm receives FDA approval for Generic GIumetza extended-release Tablets

Lupin is currently trading at Rs 901.00, up by 10.50 points or 1.18% from its previous closing of Rs 890.50 on the BSE.

The scrip opened at Rs 893.00 and has touched a high and low of Rs 903.00 and Rs 893.00 respectively. So far 8718 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 908.00 on 19-Jul-2013 and a 52 week low of Rs 540.15 on 11-Oct-2012.

Last one week high and low of the scrip stood at Rs 908.00 and Rs 869.50 respectively. The current market cap of the company is Rs 39877.49 crore.

The promoters holding in the company stood at 46.81% while Institutions and Non-Institutions held 43.07% and 10.12% respectively.

Pharma major Lupin‘s U.S. subsidiary- Lupin Pharmaceuticals, Inc. has received final approval for its Metformin Hydrochloride extended release tablets (HCL ER) 500 mg and 1000 mg from the United States Food and Drugs Administration (FDA). According to IMS health data, the total sales of Glumetza HCL ER tablets, 500 mg and 1000 mg in US, for the twelve months ending March, 2013, was approximately $144 million.

Lupin's Metformin HCL ER Tablets, 500 mg and 1000 mg strengths are the AB-rated' generic equivalent of  Santarus, inc’s  Glumetz HCL ER Tablets, 500 mg and 1000 me strengths. Lupin had earlier received the tentative approval for generic GLUMETZA (Metformin Hydrochloride Extended Release Tablets) 1000 mg and 500 mg from the United States Food and Drugs Administration (FDA) in January, 2012.

Metformin HCL ER tablets are biguanide and indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.Lupin believes that it is the first applicant to file an ANDA for Glumetza HCL ER Tablets, 500 mg & 1000 mg strengths and as such will be entitled to 180 days of marketing exclusivity.