Morepen Laboratories is currently trading at Rs. 52.40, up by 1.40 points or 2.75% from its previous closing of Rs. 51.00 on the BSE.
The scrip opened at Rs. 50.70 and has touched a high and low of Rs. 53.30 and Rs. 50.50 respectively. So far 355350 shares were traded on the counter.
The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 75.00 on 06-Jul-2021 and a 52 week low of Rs. 26.20 on 22-Dec-2020.
Last one week high and low of the scrip stood at Rs. 54.60 and Rs. 49.70 respectively. The current market cap of the company is Rs. 2309.86 crore.
The promoters holding in the company stood at 34.54%, while Institutions and Non-Institutions held 2.12% and 63.34% respectively.
Morepen Laboratories has received the United States Food and Drug Administration (USFDA) approval for its anti-allergy drug Fexofinadine Hydrochloride that is market in India under the popular brand name Allegra, among others and is the block buster drug of the innovator company Sanofi Aventis, France. Fexofinadine is most widely used, second generation antihistamine drug for the treatment of allergy symptoms and hay fever.
The company has tied-up for regular supplies of Fexofinadine to one of its top US customers, with which the company has long standing relations lasting over two decades. The company has already supplied validation quantities and the regular commercial supplies would start after approval of validation batches. Fexofinadine is a very established anti-allergy drug with a market size of around 700MT and expected to give immediate impetus to company’s export business.
Morepen Laboratories is a well-known pharma company having well equipped Research & Development Centre and is all set to seize the Generic revolution in pharma industry, by filing multiple DMFs and COS for new APIs.