Strides Pharma Science jumps 4 per cent on receiving USFDA approval
Strides Pharma Science Ltd informed on Friday during the market hours that its step-down wholly-owned subsidiary, Strides Pharma Global Pte Limited, Singapore, has received approval for Prednisone tablets USP, 10 mg & 20 mg from USFDA.
The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Deltasone tablets, 10 mg and 20 mg, of Pharmacia and Upjohn Co. (Pharmacia).
The US market for these kinds of tablets is approximately US$ 60 million as per IQVIA MAT December 2020 data. The company currently has 127 cumulative ANDA filings with USFDA, out of which, 98 ANDAs have been approved while the remaining 29 are still pending approval.
On Friday, the shares of the company reacted positively after the news and closed at a price of Rs 885.00, which is 2.16 per above its previous closing price.