Stride Pharma jumps 8% and hits fresh 52-week high on USFDA approval for an HIV antiviral

Strides Pharma Global Pte Ltd, a Singapore-based step-down subsidiary of Bengaluru-based Strides Pharma, has acquired provisional approval from the United States Food and Drug Administration (USFDA) for dolutegravir 50 mg tablet. Dolutegravir is an antiviral that is used to limit virus replication in human cells. It is used to control HIV infection and to reduce the likelihood of new infections associated with the fatal disease. The product is bioequivalent and therapeutically equivalent to ViiV Healthcare Company’s Reference Listed Drug (RLD), Tivi cay tablets.

Strides’ provisional clearance by PEPFAR (President’s Emergency Plan for AIDS Relief) permits the company to participate in a worldwide donor-funded programme that acquire this vital treatment, which is distributed in 126 countries, according to the drug company. Donor procurement for dolutegravir 50mg tablets was anticipated to be USD 35 million in 2022.

Strides Pharma currently has 13 medications approved under the PEPFAR process. The firm has 260 total Abbreviated New Drug Application (ANDA) applications with the USFDA, with over 230 of them approved. The corporation has set a goal of launching 60 new goods in the United States during the next three years. In the United States, the dolutegravir 50mg pill has a market opportunity of roughly USD 1,345 million. The items would be made at the company’s Bengaluru location, according to an exchange filing.

Shares of Strides Pharma are currently trading at Rs 485.20, up by 16.75 points or 3.58% from its previous closing of Rs 468.45 on the BSE. The scrip opened at Rs 488 and has touched a high and low of Rs 520.20 and Rs 480, respectively. So far 9049 shares have been traded on the counter. The BSE group ‘B’ stock of face value Rs 10 has touched a 52-week high of Rs 490 and a 52-week low of Rs 268.40. The current market cap of the company is Rs 4659.82 crore.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.