Online BusinessLupin buys worldwide rights for nasal spray AllerNaze
Pharma firm Lupin today said it has acquired the worldwide rights for nasal spray AllerNaze from Collegium Pharmaceutical for an undisclosed amount.
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In a filing to the Bombay Stock Exchange Lupin said it has acquired the worldwide rights for the intra-nasal steroid product AllerNaze nasal spray in the strength of 50 micrograms (mcg).
The United States is the first market where Lupin will launch the product.
"Lupin expects to expand its US sales force as it launches AllerNaze, building on its presence in pediatrics and expanding into other specialties like allergy," the filing said.
"Our investment in AllerNaze reflects our commitment to expand our brand business in the US and also in some select markets," Lupin Managing Director Kamal Sharma said.
The US Food and Drug Administration (USFDA) has already approved AllerNaze Nasal spray in treating nasal itching, sneezing and nasal congestion in patients with allergic rhinitis.
"We are excited about Lupin"s first New Drug Application acquisition and this opportunity to expand our US brand business into another specialist segment," Lupin President and CEO Vinita Gupta said.
Shares of Lupin were trading at Rs 820, down 0.74 per cent in late afternoon trade on the BSE.