Strides Arcolab rises over 3%

Strides Arcolab rose over 3% to Rs.478 though volumes remained a bit subdued. Its 52-week high and low stands at rs.875.72 and Rs.334.10 respectively.

The company has announced that its step-down subsidiary,Strides Pharma Global Pte. Limited, Singapore, has received approval for Lidocaine Ointment USP 5% from the United States Food & Drug  Administration (US FDA). Lidocaine Ointment is a generic version of Xylocaine® Ointment of  AstraZeneca Pharmaceuticals LP.

According to IQVIA MAT data, the US market for Lidocaine Ointment USP 5% is approximately  US$ 50 Mn.  

The product will be marketed by Strides Pharma Inc. in the US Market and will  be launched immediately. 

The  company  has  80  cumulative  ANDA  filings  with  USFDA  of  which  54  ANDAs  have  been  approved as of date and 26 are pending approval.