Strides Shasun Limited (the Company) today announced that it has received approval from the United States Food & Drug Administration(US FDA) for Omega-3-Acid Ethyl Esters Softgel capsules, a generic version of Lovaza.
The US market for the generic Lovaza is approximately USD 300 Million per annum, as per IMS, with five generic players including Par Pharmaceutical (Par), an Endo International Company.
The Company has partnered with Par to market the product in the United States. The product to be manufactured in its flagship facility in Bangalore will be launched immediately.
Shashank Sinha, Managing Director stated, "We are delighted with this important product approval, which came through after a long approval cycle of almost 60 months, due to significant regulatory changes."
Omega-3-Acid Ethyl Esters capsules: The Company's Omega-3-Acid Ethyl Easters capsules are indicated as an adjunct to diet to reduce triglyceride (TG) levels in adult patients with severe (=500 mg/dL) hypertriglyceridemia (HTG).
Shares of Strides Shasun Limited was last trading in BSE at Rs.1015.2 as compared to the previous close of Rs. 1008.15. The total number of shares traded during the day was 72376 in over 2475 trades.
The stock hit an intraday high of Rs. 1040.8 and intraday low of 1006.55. The net turnover during the day was Rs. 74308840.