The company's wholly owned step-down subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval.

The drug firm had reported a net profit of Rs 19 crore for the year-ago period.

Additionally, as part of the transaction, Rxilient Biohub will assume the long-term lease obligation associated with the manufacturing site from Strides

13.75 lakh shares of Strides Pharma Sciences changed hands, following which, the stock price sank over 1.5 percent

The company has received approval for Efavirenz (600mg), Emtricitabine (200mg), Tenofovir Disproxil Fumurate (300mg), (EET) tablets from the United States Food & Drug Administration (USFDA).

The company's product is bioequivalent and therapeutically equivalent to Atripla Tablets of Gilead Sciences LLC, it added. As per per IQVIA, Efavirenz, Emtricitabine and Tenofovir Disoproxil Fumurate tablet (EET) has a market opportunity of USD 7.5 million in the US.

The product is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. It will be manufactured at the company's facility in Bengaluru, it added. The Icosapent Ethyl capsules have a market size of around USD 1.3 billion, Strides said, citing IQVIA.

ICICI Securities recommended reduce rating on Strides Pharma Science with a target price of Rs 495 in its research report dated September 26, 2023.

Sharekhan recommended Hold rating on Strides Pharma Science with a target price of Rs 600 in its research report dated September 26, 2023.

Strides Pharma Science Ltd., incorporated in the year 1990, is a Mid Cap company (having a market cap of Rs 4766.18 Crore) operating in Pharmaceuticals sector.

As per Trendlyne data, the average target price of Strides Pharma is Rs 530, which shows a downside of 2% from the current market prices. The consensus recommendation from 3 analysts for the stock is a 'Buy'.

Demerger will be completed by April 1, 2024 according to the stock exchange filing

The announcement was made by the company ahead of the market closing. The stock settled at Rs 536 on the NSE, up Rs 37, or 7% over Friday's closing price. Strides Pharma Science shares also hit their 52-week high of Rs 539.

The company has 260 cumulative ANDA filings (including the recently acquired portfolio from Endo at Chestnut Ridge) with USFDA, of which 230+ ANDAs have been approved.

The products will be manufactured at the company’s facility in Bengaluru and conversion of this tentative approval to a full approval is expected upon expiry of the constraining patents.

Strides Pharma Global, a subsidiary of Strides Pharma Science, has received tentative approval from the US FDA for its generic Dolutegravir tablets used in HIV treatment. The approval allows the company to participate in global donor-funded programs that procure the medicine.

The said transaction is to be completed by September 15, 2023.

The approval granted by the US Food & Drug Administration (USFDA) is for Mycophenolate Mofetil for oral suspension of strength 200 mg/ml, Strides Pharma Science said in a regulatory filing.

Strides Pharma Science Ltd on Wednesday said its wholly-owned arm, Strides Pharma Global Pte. Ltd, Singapore, has received approval from the US health regulator for generic Mycophenolate Mofetil for oral suspension indicated in organ transplant patients to avoid rejection. The approval granted by the US Food & Drug Administration (USFDA) is for Mycophenolate Mofetil for oral suspension of strength 200 mg/ml, Strides Pharma Science said in a regulatory filing.

Sharekhan recommended Hold rating on Strides Pharma Sciences with a target price of Rs 491 in its research report dated August 02, 2023.

The manufacturing unit has a potential for future expansion up to a further 20,000 litres of biologics drug substance manufacturing capacity.

Strides Pharma Science has agreed to sell the biologics Unit-3 manufacturing facility of its associate company Stelis Biopharma to Syngene International for INR702 crore ($94m) in cash. Syngene will also invest up to INR100 crore to repurpose and revalidate the Bommasandra Industrial Area in Bengaluru site, which is being repurposed to produce monoclonal antibodies.

Indian equities, including the Nifty50 and Sensex, experienced gains for the fourth consecutive month in June. While the benchmark indices returned nearly 3% for the month, the midcap and smallcap segments were the top performers, with about 400 stocks delivering double-digit returns. Sectors such as automobiles, healthcare, and information technology saw strong buying interest, and experts recommend long-term investors to continue accumulating quality stocks while being cautious of profit booking. The upcoming Q1-FY24 results are expected to provide further fuel to the market rally.