Strides Pharma Science announced that its step‐down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Lidocaine Ointment USP 5% from the United States Food & Drug Administration (US FDA). Lidocaine Ointment is a generic version of Xylocaine Ointment of AstraZeneca Pharmaceuticals LP.

According to IQVIA MAT data, the US market for Lidocaine Ointment USP 5% is approximately USD 50 million. The product will be marketed by Strides Pharma Inc. in the US Market and will be launched immediately.  

The company has 80 cumulative ANDA  filings with USFDA  of which 54 ANDAs have been approved as of date and 26 are pending approval.

Shares of the company gained Rs 6.95, or 1.5%, to trade at Rs 470.25. The total volume of shares traded was 32,220 at the BSE (9.50 a.m., Thursday).