Venus Remedies Gets Nod For Chemotherapy Drugs, Shares Hit 20% Upper Circuit

Small cap pharmaceutical sector company Venus Remedies on Monday informed BSE that it has received marketing approval from the Philippines, the second largest ASEAN market, for six key chemotherapy drugs. Soon after the development, Venus Remedies shares soared 20% intraday and hit upper circuit. Venus Remedies stock also saw spurt in volume by more than 10.21 times today. Venus Remedies shares surged 52% YTD and gained 584% in last 5-years. Check details below:

Venus Remedies Gets Nod For Chemotherapy Drugs: According to the regulatory filing of the company, "Venus Remedies has secured marketing authorisation for bortezomih cisplatin, doxorubicin, docetaxel, flurouracil and paclitaxel from the Philippines, thus making it a significant market for the company from the ASEAN region. With this, Venus Remedies has secured 525 marketing approvals for its oneology products across 76 Countries."

The $420Lbillion pharmaceutical market of the Philippines, a growing market for cancer drugs where Venus Remedies has so far secured marketing approval for 52 products across various segments, presents immense opportunities for the company to expand its operations in the AsiaPacific region in general and Southeast Asia in particular through its elaborate range of drugs.

Saransh Chaudhary, CEO, Venus Medieine Research Centre said, "While oneology drugs account for 157 of our 205 marketing authorisations in the ASEAN region, we are banking on these product registrations from the Philippines to pave the way for faster approval of these drugs in other Southeast Asian countries as well. Consequently, we will fiuther erctend our operations to other ASEAN markets, reaffirming our commitment to provide advanced cancer treatment options with improved outcomes for patients."

Venus Remedies has already submitted dossiers to the Health Ministry of the Philippines govemment for another 45 marketing authorisations, and most of these pending approvals are for oncology products. Pertinently, the market size of cancer drugs in the Philippines was valued at US $252 million in 2020 and is expected to grow at a CAGR of 8.7% by 2025.

Venus Remedies Stock Performance & Return: Last trading price of Venus Remedies share on BSE is Rs 273.10 per share. Its 52-week high price is Rs 301.80 per share and 52-week low price is Rs 145.00 per share, respectively. The company has a market capitalisation of Rs 365.05 crore. Venus Remedies shares jumped 21% in last 1-week, gained 8.01% in last 2-weeks, fell over 4% in last 3-months, gained 52% YTD, and offered 33% return in last 1-year.

About: Panchkula-based Venus Remedies Ltd is among the 10 leading fixed dosage injectable manufacturers in the world. Having a commercial presence in 70+ countries with a portfolio of 75 products spread over Europe, Australia, Africa, Asia-Pacific, Commonwealth States, the Middle East, Latin America and the Caribbean region, the company has nine globally benchmarked facilities in Panchkula, Baddi and Weme (Germany), apart from 11 overseas marketing offices.