Lupin shares rise 2% on launching heart drug in Canada

Shares of Lupin climbed nearly 2% in early trade on Wednesday, a day after the drug major said that its subsidiary launched a drug to improve heart health in Canada. In a separate development, the phama company has received approval from the United States Food and Drug Administration (U.S. FDA) for its abbreviated new drug application for Pirfenidone Capsules used to treat a certain lung disease, it informed exchanges on Tuesday.  

Boosted by the development, Lupin shares opened 1.9% higher at ₹1,118.15 on the BSE, against the previous closing price of ₹1,097.05 on the BSE. In the first two hours of trade so far, around 8,500 shares changed hands over the counter, while the market capitalisation climbed to ₹50,223 crore.

Lupin share price trades 2% lower than its 52-week high of ₹1,143.70 touched on August 17, 2023, while it has risen 79% against its 52-week low of ₹623.20 hit on September 19, 2022. In the last one year, the counter has gained 65%, while it climbed 50% on a year-to-date (YTD) basis. The largecap stock surged 67% in six months and 12% in a month.

In an exchange filing on Tuesday, the Mumbai-based pharma company said that its wholly-owned subsidiary launched Propranolol LA (long-acting) capsules, 60 mg, 80 mg, 120 mg and 160 mg, in Canada. Propranolol LA is a generic equivalent of Inderal LA, which provides an effective treatment solution since the discontinuation of Inderal LA for patients and healthcare practitioners. Propranolol LA’s launch caters to the needs of Canadian patients, reaffirming Lupin's commitment to enhancing healthcare access and affordability.

The company further said that the launch of Propranolol LA, the sole extended-release formulation of Propranolol accessible to Canadian patients following the discontinuation of Inderal LA, has led to significant progress in fulfilling patient unmet needs. This extended-release variant not only ensures consistent alleviation of symptoms but also enhances patient adherence and overall quality of life.

“We are delighted to announce the launch of Propranolol LA capsules for patients in Canada. We have diligently worked to build our portfolio to include Propranolol LA ensuring patients have access to the essential medicines. This launch signifies our commitment to fostering healthcare solutions that truly make a difference,” says Dr. Sofia Mumtaz, President – Legal, Canada, Australia, and Japan, Lupin.

In a separate release, Lupin said that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its abbreviated new drug application for Pirfenidone Capsules, 267 mg, to market a generic equivalent of Esbriet Capsules, 267 mg of Hoffmann La Roche Inc. This product will be manufactured at Lupin’s Pithampur facility in India.   

Pirfenidone Capsules (RLD Esbriet) had estimated annual sales of $95 million in the U.S. (IQVIA MAT June 2023).

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