Hot Pursuit
Senores Pharmaceuticals rallied 5.69% to 560.60 after its subsidiary, Senores Pharmaceuticals, Inc. (SPI), USA, has signed agreements to acquire 14 Abbreviated New Drug Applications (ANDAs) from Dr. Reddy's Laboratories and its affiliates.
According to an exchange filing, the basket of acquired ANDAs consists of 13 USFDA-approved applications and one that is pending approval.
The addressable market opportunity for these ANDAs in the U.S. is estimated at approximately USD 421 million (MAT December 2024), as per IQVIA, and around USD 1.13 billion (MAT September 2024), according to specialty data aggregator Symphony.
The acquisition will be funded through the proceeds raised from Senores Pharmaceuticals' Initial Public Offer (IPO), in line with the objectives outlined in the Red Herring Prospectus.
Swapnil Shah, Managing Director, Senores Pharmaceuticals, said, 'We are glad to announce the acquisition of a basket of products from Dr. Reddy's. It spans across various therapeutic areas with growing consumption. The portfolio consists of controlled substances and general categories of products.
These products can be distributed through multiple/diverse channels, with large requirements in government, retail and specialty clinics.
This portfolio of products significantly increases our product offering in the US, and it also has a significant value in other regulated and semi-regulated markets of the world.'
Senores Pharmaceuticals (Senores) is a global, research-driven pharmaceutical company engaged in developing and manufacturing a wide range of pharmaceutical products predominantly for the US, Canada, and other regulated and emerging markets across various therapeutic areas and dosage forms.
The company's consolidated net profit surged 142% to Rs 17.18 crore in Q3 FY25 as compared with Rs 7.10 crore in Q3 FY24. Net sales jumped 30.9% YoY to Rs 103.02 crore during the quarter ended 31st December 2024.
Shares of Dr. Reddy's Laboratories rose 0.05% to Rs 1,120.40 on the BSE.
Powered by Capital Market - Live News