Strides Pharma Science reverses losses, up 6% as JV gets US FDA nod for Albendazole Tablets

Shares of Strides Pharma Science rebounded over 6 per cent, paring early losses, after the pharmaceutical company said that its joint venture Strides Vivimed Pte., Singapore, has received the United States Food & Drug Administration (US FDA) approval for its tapeworm infection treatment drug.

"The company's 50:50 JV Strides Vivimed Pte. Ltd, Singapore has received approval for Albendazole Tablets USP 200 mg from the United States Food & Drug Administration (US FDA)," Strides Pharma Science said in a filing to the Bombay Stock Exchange.

Following the announcement, shares of the company gained as much as 6.41 per cent to touch an intra-day high of Rs 458.40 apiece on the BSE, after opening lower at Rs 422.50 against a previous closing price of Rs 430.75.

In a similar trend, stocks of company were trading at Rs 457.50, up 6.17 per cent on the National Stock Exchange.

The company said that this is the second generic approval by US FDA for Albendazole Tablets. Albendazole Tablets is a generic version of Albenza Tablets of Amneal Pharmaceuticals, Inc.

According to IQVIA MAT data, the US market for Albendazole Tablets USP 200 mg is approximately USD 100 Mn.

Meanwhile, the BSE 30-share barometer, Sensex, which had plunged over 300 points in early trade, rebounded 171.59 points, or 0.49 per cent, to trade at 35,131.31, after hitting a low of 34,426.29 in opening trade on Tuesday.

Edited by Chitranjan Kumar