Strides Pharma Science's step-down subsidiary, Strides Pharma Global Pte., Singapore, has received approval from the US Food & Drug Administration for Prednisone tablets, Strides Pharma announced in a regulatory filing to the stock exchanges on Monday. At 2:37 pm, Strides Pharma shares were trading at Rs 698.10, lower by 1.72 per cent, on the BSE, after touching an intra-day high of Rs 714.40.
The pharma company has received approval for Prednisone Tablets USP, 2.5 mg and 5 mg. The product is bioequivalent and therapeutically equivalent to deltasone tablets, 2.5 mg and 5 mg of Pharmacia and Upjohn, Strides Pharma added.
Prednisone drugs, also known as corticosteroids, are used as anti-inflammatory and immunosuppressant medications for the treatment of allergic disorders, skin conditions, ulcerative colitis and arthritis. According to IQVIA MAT September 2020 data, the US market for Prednisone tablets is about $30 million. The product will be manufactured at the company's flagship facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market.
Strides Pharma has 127 cumulative ANDA filings with USFDA, of which 93 ANDAs have been approved and 34 are pending approval.
The BSE Sensex was at 44,169.24, higher by 287 points and NSE Nifty was at 12,950.85, up 90 points at the time.