Brooks Laboratories was locked in 5% upper circuit at Rs 105.05 after the company said that its subsidiary Brooks Steriscience (BSL) has received approval for Meropenem injection from the US FDA.
The product is generic equivalent to the Merrem Injection of Pfizer Inc.
This approval from United States Food & Drug Administration (USFDA) marks Brooks' foray into the US, which is the largest generic market in the World.
Brooks manufactures its carbapenem range of injectables at its dedicated facility at Vadodara, India. The facility is approved by several regulatory agencies, including the European Union, and is equipped to produce a wide range of products meeting global quality standards.
Meropenem Injection is an intravenous beta-lactam antibiotic used to treat various bacterial infections. It is indicated for treating complicated skin and skin structure infections, intra-abdominal infections, and bacterial meningitis to reduce the development of drug-resistant bacteria and maintain the effectiveness of the injection and other antibacterial drugs.
According to IQVIA, Meropenem has an estimated market size of $78 million for the twelve months ending June 2022.
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In May 2022, BSL also received the marketing authorization for Meropenem injections in the United Kingdom and European Union. Global Penem market is $2.6 billion as on June 2022 as per IQVIA.
Brooks Laboratories is engaged in the contract manufacturing of pharmaceutical formulations at its two manufacturing facilities, one each in Baddi (Himachal Pradesh) and Vadodra (Gujarat). The products manufactured by the company find application in various therapeutic segments including antibacterial, anti-biotics, antigastric, anti-malarial, life-saving drugs etc. BLL also supplies generic formulations on tender basis in states like Gujarat, Jammu & Kashmir, Mumbai and West Bengal.
The company reported a consolidated net loss of Rs 6.90 crore in the quarter ended June 2022 as against net loss of Rs 1.14 crore during the previous quarter ended June 2021. Sales declined 21.11% to Rs 17.12 crore in Q1 FY23 over Q1 FY22.
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