Stock broking company Angel Broking said that Lupin Ltd's anti-cholesterol drug securing USFDA approval is a positive development but may not contribute to the company's financials in a major way.
Angel Broking vice president research, pharma, Sarabjit Kour Nangra said Lupin got approval for key anti-cholesterol drug Fenofibrate, which is "mainly used to reduce cholesterol levels in patients at risk of cardiovascular disease".
"Like other fibrates, it reduces low-density lipoprotein (LDL) and very low density lipoprotein (VLDL) levels, as well as increasing high-density lipoprotein (HDL) levels and reducing triglyceride levels," she said.
According to her, though the drug is highly competitive and hence unlikely to contribute significantly to the company, its getting approval is positive as the approval has come from Lupin's Goa plant, which underwent USFDA audit.
Questions sent to Lupin by IANS remain unacknowledged.
Meanwhile the Lupin stock opened at BSE at Rs.1,820 as against previous close of Rs.1,795.45. The stock price touched a high of Rs.1,939.90 and later changed hands at around Rs.1,892.