Last updated: Sep 15, 2023 2:05 PM IST
Shares of pharmaceutical company Strides Pharma Science rose more than 11.5% to hit a 52-week high after the company’s arm received preliminary approval from the U.S. Food and Drug Administration (USFDA) for a generic drug for the treatment of HIV.
The share price of Strides Pharma is trading in the green zone for the third day in a row and has therefore risen more than 11 percent. The share price of Strides Pharma Science Limited opened on BSE at Rs 488 per piece and touched an intraday high of Rs 522.20.
In its stock exchange filing, the company stated that the USFDA has announced its wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, a provisional approval for Dolutegravir 50 mg tablets.
The class of drugs known as antiretrovirals includes dolutegravir tablets. For individuals new to treatment, this medication serves as the first line of antiretroviral therapy (ART). It works by limiting the virus’s ability to replicate in human cells.
“The products will be manufactured at the company’s facility in Bengaluru. The conversion of this preliminary approval to a full approval is expected after the expiration of the restrictive patents.
PEPFAR’s preliminary approval for Strides qualifies the company to participate in global donor-funded programs that procure this lifesaving drug and it is supplied in 126 countries. For the full year 2022, donor purchase for the Dolutegravir 50 mg tablet is estimated to be worth ~35 million USD. This product further strengthens Strides’ HIV treatment offering,” the company said in an exchange filing.
Strides is a global pharmaceutical company headquartered in Bengaluru. The company operates primarily in regulated markets and has an ‘in Africa for Africa’ strategy and an institutional business serving donor-funded markets.