Strides Shasun shares up 3% intraday on USFDA approval

The shares of Strides Shasun, formerly known as Strides Arcolab surged 3% intraday on Monday after receiving an approval from the Unites States Food & Drug Administration (USFDA) on Saturday, to market Dutasteride capsules 0.5 mg, a drug used to treat benign prostatic hypeplaia, in the US market, the company said in a BSE filing.

At 1113 hours, the shares of the company were up 1.96% or Rs 26.75 at Rs 1,389.55 a piece, down from the day's high on BSE. 

Dutasteride capsules are used to treat benign prostatic hyperplasia (BPH; enlargement of the prostate gland), according a filing by the company. It said that Dutasteride can be used to treat symptoms of BPH and may reduce the chance of developing acute urinary retention. It may also help decrease the chances of a needing a prostate surgery, the company statement said.

According to IMS data, the US market for Dutasteride capsules is approximately $470 million (Rs 47 crore). The product went off patent last Friday (November 20), and is set for Day 1 launch, the company said.

The company will manufacture the product at their Oral dosage facility at Bangalore and will be marketed by Strides Shasun in the US market.