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Additionally, as part of the transaction, Rxilient Biohub will assume the long-term lease obligation associated with the manufacturing site from Strides
This sale will also help Strides to reduce annual costs by Rs 75 crore, of which Rs 18 crore will be reduction in operating expenses and Rs 57 crore in depreciation and operating lease expenses. Strides said the Transaction would be EPS (earnings per share) accretive with no impact on revenues.
13.75 lakh shares of Strides Pharma Sciences changed hands, following which, the stock price sank over 1.5 percent
The company has received approval for Efavirenz (600mg), Emtricitabine (200mg), Tenofovir Disproxil Fumurate (300mg), (EET) tablets from the United States Food & Drug Administration (USFDA).
The company's product is bioequivalent and therapeutically equivalent to Atripla Tablets of Gilead Sciences LLC, it added. As per per IQVIA, Efavirenz, Emtricitabine and Tenofovir Disoproxil Fumurate tablet (EET) has a market opportunity of USD 7.5 million in the US.