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Lupin shares jumped to their highest since July 31, rising as much as 3 per cent, as the US Food and Drug Administration has approved its generic drug to treat hypertension.
The stock opened at Rs 1,050.95, touched an intraday high of Rs 1,070.95 and a low of Rs 1,044.35. Lupin shares ended the session higher by 1.99 per cent at Rs 1,060.50 on the BSE. On the NSE, the stock closed up by 2.22 per cent at Rs 1,063.
The company has received final approval for Nadolol tablets USP 20 mg, 40 mg and 80 mg from the USFDA. The Nadolol tablets are a generic version of US WorldMeds, LLC Corgard tablets, 20 mg, 40 mg and 80 mg. The tablets are indicated for the management of patients with angina pectoris and for the treatment of hypertension.
According to IMS MAT June 2017 data, Nadolol tablets USP had annual sales of approximately $109.8 million in the US.
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