Views of Ms. Sarabjit Kour Nangra (VP Research- Pharma, Angel Broking):
"Breckenridge Pharmaceutical, Inc. and Alembic Pharmaceuticals Limited have launched their ANDA desvenlafaxine succinate extended-release tablets 50mg and 100mg, a generic version of Pristiq® by Pfizer Inc. Breckenridge and Alembic filed their Paragraph IV ANDA on the first-to-file date and expect to share 180-day exclusivity with other ANDA first filers (expected to be around 5-6). Alembic Pharmaceuticals Limited is the sponsor and manufacturer of the ANDA, which will be marketed exclusively by Breckenridge. The Paragraph IV litigation with respect to the ANDA has been settled on terms that are confidential. The settlement includes a license effective prior to the expirations of the patents involved in the litigation.
Desvenlafaxine is a prescription drug that is indicated for the treatment of major depressive disorder. Desvenlafaxine is in a class of medications called selective serotonin and norepinephrine reuptake inhibitors (SNRIs). Pristiq® generated sales of US$883mn, based on December 2016 IMS Health Sales Data. The product will be available in 50mg and 100mg tablets. Thus given the competition we expect the company to gross around US$25mn and US$8mn, of net sales and profit respectively, during the 6-month exclusivity. We upgrade the rating to BUY with a revised price of INR 689."
Shares of ALEMBIC PHARMACEUTICALS LTD. was last trading in BSE at Rs.602.6 as compared to the previous close of Rs. 596.75. The total number of shares traded during the day was 15853 in over 863 trades.
The stock hit an intraday high of Rs. 615 and intraday low of 600. The net turnover during the day was Rs. 9624053.