The tablets are generic version of Novartis Pharmaceuticals Corporation's Myfortic delayed-release tablets, 180 mg and 360 mg, Lupin said.
Share price of Lupin jumped over 3 percent in the morning trade on April 7 after the company launched generic Mycophenolic acid delayed-release tablets, which is used to prevent organ rejection in patients receiving kidney transplants in the US market. The company has launched the tablets in the strengths of 180 mg and 360 mg, Lupin said in a statement.
Company's alliance partner Concord Biotech Ltd had received approval from the United States Food and Drug Administration (USFDA) earlier for the product, it added.
The tablets are generic version of Novartis Pharmaceuticals Corporation's Myfortic delayed-release tablets, 180 mg and 360 mg, Lupin said.
The stock price fell over 54 percent in the last one month and was quoting at Rs 225.95, up Rs 6.40, or 2.92 percent. It has touched an intraday high of Rs 230.00 and an intraday low of Rs 225.75.
Global research firm Morgan Stanley has an overweight call on the stock with a target of Rs 948 per share, according to a report by CNBC-TV18. Brokerage firm Motilal Oswal has a buy rating on the stock with a target at Rs 815. While the near-term outlook may be subdued, the broking house remains positive on the company due to limited price erosion in the base business, robust ANDA pipeline and better-than-industry growth in the branded domestic formulation (DF).
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