Shares of Strides Arcolab (now Strides Shasun) gained as much as 3.64 per cent on Monday after the company informed BSE on November 21 that Strides Shasun has received an approval from the US health regulator to market Dutasteride capsules, used in treating enlarged prostate gland, in the American market. On November 19, in a filing to the bourses, Strides Arcolab had said that the name of the company has changed to Strides Shasun.
According to IMS sales data, the US market for Dutasteride capsules is around $470 million. “The product has gone off patent on November 20 and Strides Shasun is amongst the first wave of generic players to receive this approval,” the firm said.
Strides Shasun is also planning to raise up to Rs 1,500 crore to fund expansion, debt repayment and other corporate purposes and has sought fresh approval from its shareholders. The company has called for an extraordinary general meeting on December 12 to discuss the proposal to raise the money.
At 2.11 pm, the share price Strides Arcolab was up 0.86 per cent at Rs 1,374.55. The scrip opened at Rs 1390 and had touched a high and low of Rs 1412.45 and Rs 1368.80, respectively, in trade so far. Sensex was down 92.60 points, or 0.36 per cent, at 25,775.89.
Later, the scrip closed 1.03 per cent up at Rs 1,376.85 on BSE.
The BSE group ‘A’ stock of face value Rs 10 also hit a 52 week high of Rs 1,412.45 on 23-Nov-2015 and a 52 week low of Rs. 720 on 25-Nov-2014.
In another update on BSE on Monday, Strides Shasun informed BSE regarding a fire accident at Cuddalore facility made by Shasun Pharmaceuticals, which merged with the company with effect from November 19, 2015. The company informed the exchange that the Cuddalore facility has been permitted to resume operations in all manufacturing production blocks except the new production block. The company confirms that there will not be any material impact on the revenue of the group during the current financial year.
