Lupin off day's low after USFDA approval for anti-alzheimer drug-:- Equity Research

Pharma major Lupin shares halved losses in afternoon trade Thursday on approval from the US health regulator for for anti-alzheimer drug. The stock reduced its losses to 2 percent from 4 percent intraday. "... has received final approval for Memantine Hydrochloride extended-release capsules, 7 mg, 14 mg, 21 mg, and 28 mg from the United States Food and Drug Administration (FDA) to market in the US," the company said in its filing. Memantine Hydrochloride extended-release capsules are the AB rated generic equivalent of Allergan's Namenda XR capsules. The drug is indicated for treatment of moderate to severe dementia of the Alzheimer's type. Lupin said Namenda XR capsules had US sales of USD 1.22 billion, according to IMS MAT June 2016. At 15:12 hours IST, the scrip of Lupin was quoting at Rs 1,482.80, down Rs 33.75, or 2.23 percent on the BSE.