Strides Pharma Science Ltd shares jumped up to 4% on Tuesday after the company announced that its subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received approval from the US Food and Drug Administration for an oral drug used for the treatment of seizures.
Strides Pharma Science Ltd's (Strides) step‐down wholly-owned subsidiary received the approval for Levetiracetam Oral Solution USP, 100 mg/mL. Strides Pharma said it would manufacture the product at its facility in Bengaluru.
The product is bioequivalent to the Reference Listed Drug (RLD), Keppra Oral Solution, 100 mg/mL of UCB Inc, the stock exchange filing stated. The oral solution is used in the treatment of seizures.
According to IQVIA data, the Levetiracetam Oral Solution had a market size of $55 million in the last 12 months.
Strides Pharma said that it has 260 cumulative ANDA filings with USFDA, which also include the recently-acquired portfolio from Endo at Chestnut Ridge. Of these, more than 230 ANDAs have been approved.
The company aims to launch 60 new products over three years in the US market which is the largest pharmaceutical market in the world projected to reach $861.67 billion by 2028.
Strides is a global pharmaceutical company headquartered in Bengaluru, Its global manufacturing sites are located in India (Chennai, Puducherry, and two locations in Bengaluru), Singapore, Italy (Milan), Kenya (Nairobi), and the US (New York).
Strides shares soared 3.84% to touch a high of ₹509.2 on BSE, extending gains for a fourth session in a row.
The stock was trading 2.29% higher at ₹501.6 apiece on BSE at 11.33am.
(Edited by : Shloka Badkar)
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