Strides Pharma JV gets approval for anthelmintic tablets
Strides Pharma Science Limited's 50:50 JV Strides Vivimed has got USFDA approval for Albendazole Tablets on Tuesday.
The US market for the said tablets is around US$100mn as per IQVIA MAT data. Albendazole is an anti-worm medication used to treat certain infections caused by tapeworms. Albendazole prevents newly hatched insect worms from growing or multiplying in the body.
As on the quarter ended September 30, 2018, the company had 26 ANDA filings with the US Food and Drug Administration which are pending for approval.
Strides entered into two JVs with Vivimed Labs in May 2017 by acquiring 50 per cent stakes in two of Vivimed's subsidiaries. These joint ventures provide the company with additional capacity and also helps in derisking its manufacturing infrastructure.
On Tuesday, the stock opened at Rs. 422.50 per share and made an intraday high of Rs. 452.25 on the BSE. At 11:18 hours, the stock was trading nearly around Rs. 451.25 per share.