Lupin rebounds 5% from 52-week low on drug launch

Lupin moved higher by 4% to Rs 1,086, bouncing back 5% from intra-day low on National Stock Exchange (NSE), after the company said it has launched in the US market its generic version of Moxifloxacin Hydrochloride Ophthalmic solution used for treating bacterial conjunctivitis.

The stock hit a 52-week low of Rs 1,036 on NSE in intra-day trade. At 01:22 pm; it was up 3.7% at Rs 1,082, as compared to 0.15% rise in Nifty 50 index and 0.72% gain in Nifty Pharma index. A combined 2.89 million shares changed hands on the counter on BSE and NSE so far.

“The company launched Moxifloxacin Hydrochloride Ophthalmic solution USP, 0.5% (base) having received an approval from the United States Food and Drug Administration (USFDA) earlier,” Lupin said in a press release.

It is indicated for the treatment of bacterial conjunctivitis caused by susceptible strains of the organism.

“Lupin's Moxifloxacin Hydrochloride Ophthalmic solution USP, 0.5% (base), is an AT1 rated generic equivalent of Novartis Pharms Corp.'s Vigamox Opthalmic solution,” it added.

Vigamox Opthalmic solution had US sales of $267.9 million, as per IMS MAT March, 2017.