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Shares of Shipa Medicare on Tuesday locked in the 5-per cent upper circuit after the pharma company said it has received the UK health regulator’s approval for its anti-cancer drug, Imatinib. The stock closed at ₹282.95 on BSE, up 4.99 per cent.
Its UK-based subsidiary Koanaa Healthcare has received the approval from the Medicines and Healthcare products Regulatory Authority (MHRA) for Imatinib oral solution.
“The approval of Imatinib Oral Solution represents a major step forward in treatment options for cancers in paediatric and geriatric patients, patients with swallowing difficulties, and also offers dose titration across the patient population,” said the company in its BSE filing.
The drug should be available in the UK in the second quarter of 2020 and would be supplied from its UK-based manufacturing facility, LM Pharmaceuticals, the company said. Imatinib Oral Solution is an innovative product and is expected to have patent protection until 2038, it added.
The worldwide market is approximately $1.6 billion and in the UK, it is around $104.4, million as per IQVIA MAT Q4 2019 data, the firm said.
The stock had hit a 52-week high of ₹538.75 and a year low of ₹190.80 on BSE.
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