Lupin hit 52-week high on tentative USFDA nod to diabetes drug

Dapagliflozin and saxagliptin tablets are prescribed in addition to diet and exercise to improve glycemic control in adults with type 2 diabetes

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The Lupin share touched a 52-week high of Rs 1,429.95 in the opening trade on January 5 after the company announced that the United States Food and Drug Administration (USFDA) had given it tentative approval to market a generic diabetes drug.

At 9.20 am, Lupin was quoting at Rs 1,409.35 on the BSE, up Rs 11.45, or 0.82 percent, from the previous close.

The company received the American regulator’s nod for its abbreviated new drug application for dapagliflozin and saxagliptin tablets, the Mumbai-based firm told exchanges on January 4. The product is a generic equivalent of AstraZeneca AB’s Qtern tablets, it added.

This drug will be manufactured at Lupin’s Pithampur facility in Madhya Pradesh.

Dapagliflozin and saxagliptin tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes.

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In December, the pharma company got FDA’s approval to market its generic loteprednol etabonate ophthalmic suspension for seasonal allergic conjunctivitis.

Lupin Atlantis Holdings SA, Switzerland, a wholly-owned subsidiary of the company, has signed an asset purchase agreement with Sanofi, the French multinational pharmaceutical and healthcare company, to acquire a portfolio of established products in Europe and Canada for EUR 10 million (Rs 91 crore).

Earlier this month, foreign research house Nomura raised Lupin’s earnings-per-stock (EPS) estimates for FY24-26 by 2-14 percent and also revised the price target upwards to Rs 1,593, a 20 percent upside from the current market price.

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