Lupin Ltd. received the the U.S. Food and Drug Administration's approval for launching generic versions of Alzheimer's treatment drug, Namenda XR.
Lupin's Memantine Hydrochloride extended-release capsule is the generic equivalent of Allergan's Namenda XR capsule, the Indian drug maker said in a press release.
The Namenda XR capsules, used to treat moderate to severe dementia of the Alzheimer's type, had $1.22 billion in sales in the U.S. in the 12 months ended June 2016, according to IMS data cited by Lupin.
Shares of Lupin recovered 2 percent from the day's low to Rs 1,488 post the announcement, but a fresh wave of selling dragged the stock to Rs 1,467, down 3.3 percent for the day.
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