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Shilpa Medicare rises on receiving USFDA’s approval for Busulfan Injection

Mumbai : Shilpa Medicare is currently trading at Rs. 407.00, up by 8.30 points or 2.08% from its previous closing of Rs. 398.70 on the BSE. The scrip opened at Rs. 413.95 and has touched a high and low of Rs. 416.00 and Rs. 403.00 respectively. So far 4498 shares were traded on the counter. The BSE group ‘B’ stock of face value Rs. 1 has touched a 52 week high of Rs. 546.95 on 14-Sep-2018 and a 52 week low of Rs. 328.05 on 02-Apr-2019.

Last one week high and low of the scrip stood at Rs 416.00 and Rs. 341.00 respectively. The current market cap of the company is Rs. 3322.22 crore. The promoters holding in the company stood at 53.80%, while Institutions and Non-Institutions held 26.57% and 19.63% respectively. Shilpa Medicare has received US Food and Drug Administration’s (USFDA) approval for its ANDA, Busulfan Injection, 60 mg/10 ml. Busulfan Injection, 60 mg/10 ml is a generic equivalent of reference listed drug (RLD), Busulfex Injection, 60 mg/10 ml, used in the treatment of patients with chronic myelogenous leukemia as recommended in the label approved by USFDA.

According to IQVIA MAT Q4 2018 data, the US market for Busulfan Injection, 60 mg/10 ml is approximately $32.8 million. Shilpa Medicare produces and exports consistently high-quality Active Pharmaceutical Ingredients Fine Chemicals, intermediates, herbal products and speciality chemical products using sophisticated technology, meticulously following international specifications.