Strides Pharma rises on USFDA approval for generic asthma drug

Strides Pharma shares surged as much as 3.79 per cent to hit an intraday high of Rs 1,394.95, following the company's announcement that its Singapore-based arm received approval from the US Food and Drug Administration (USFDA) for a generic version of Theophylline extended-release tablets. These tablets are used in the treatment of respiratory conditions, including chronic asthma.

The approval is for the 300 mg and 450 mg dosages of Theophylline extended-release tablets, which are bioequivalent and therapeutically equivalent to the reference drug THEO-DUR, manufactured by Schering Corp. Theophylline is commonly prescribed for managing reversible airflow obstruction in chronic asthma, emphysema, and chronic bronchitis.

Strides Pharma will manufacture the tablets at its flagship facility in KRS Gardens, Bengaluru. The company noted that these tablets have a combined market size of approximately $11.5 million, based on data from IQVIA.

As of 12:12 pm, Strides Pharma shares traded 2.52 per cent higher at Rs 1,377.85, outperforming the Sensex which was down 0.92 per cent.