Lupin partners with ForDoz Pharma; stock tanks by nearly 6 per cent
Lupin Limited announced that the company’s US-based wholly-owned subsidiary Lupin Pharmaceuticals Inc. has entered into an agreement with ForDoz Pharma Corp (ForDoz).
The agreement is for granting Lupin the exclusive rights to market and distribute two complex injectable assets in the advanced stages of development in the US and its territories. The company reported that the two assets are in the Oncology and Anti-infective therapeutic areas.
The manufacturing will take place in ForDoz’s US-based manufacturing site and the company will also be responsible for the development as well as obtaining the necessary regulatory approvals. It is expected that this partnership will provide positive synergies towards the growth of both the companies as Lupin’s leadership presence in the US complements ForDoz’s scientific and complex injectable manufacturing capability to bring affordable medicines to patients in an efficient manner.
Recently, the pharmaceutical sector has seen rapid growth worldwide. Headquartered in Mumbai (India), Lupin is an innovation-led transnational pharmaceutical company that develops and commercialises a wide range of branded and generic formulations, biotechnology products and APIs.
The stock of Lupin Limited on BSE has gained by more than 20 per cent on a YTD basis and by nearly 60 per cent since March 23, 2020.
For Q1FY21, the company’s net profit declined significantly by 58.9 per cent YoY to Rs 1,082 crore. As a result, the stock of the company plunged by 5.66 per cent or by Rs 53 and was trading at Rs 883.25.