Lupin Gains After U.S. FDA Approves Potassium Deficiency Drug
Shares of Lupin rose as much as 2.1 percent to Rs 1,577 after the drug maker said that it has received an approval from the U.S. healthcare regulator for its potassium deficiency treatment medicine.
The U.S. FDA approval was received by the home-grown pharma company's American subsidiary Gavis Pharma, which it acquired in March of this year.
The drug is a generic version of Upsher-Smith Labls Klor-Con Esxteneded Release tablets, it said in its press release. It is used for treatment of hypokalemia, which is a deficiency of potassium in the blood stream, and replenishes electrolytes in the body.
The company said that the Klor-Con tablets made sales of $101.3 million as of June 2016, according to IMS MAT data.
With today's rise in share price, Lupin snapped a two-day losing streak triggered by weak first quarter earnings.
Also Read: Lupin Stock Falls Despite 55% Rise in First Quarter Profit
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