This Azim Premji-Backed Large Cap Stock Is Gaining On US FDA Drug Approval

Pharma major Lupin’s shares were climbing on Wednesday after the company got the green light to market a drug to treat lung disease in the US.

What Happened: The Indian pharmaceutical giant on Tuesday received approval from the US Food and Drug Administration to market its generic Pirfenidone capsules for the treatment of idiopathic pulmonary fibrosis, a lung disease.

The approval pertains to Lupin’s abbreviated new drug application for Pirfenidone capsules with a strength of 267 milligrams, offering a generic alternative to Hoffmann La Roche’s Esbriet Capsules of the same strength.

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Manufacturing of this product will take place at Lupin’s facility in Pithampur, India.

Pirfenidone capsules achieved an estimated annual sales figure of $95 million (₹785 crore) in the US, Lupin said, quoting data from IQVIA MAT June 2023.

The company also launched Propranolol LA (long-acting) capsules for migraines and chest pain in Canada on Tuesday.

Price Action: Lupin’s share price jumped 1.19% to ₹1,110.80 at open on Wednesday.

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