After the pharmaceutical business said it had received approval to offer meropenem, a medication used to treat skin and stomach infections, in Spain, shares of Venus Remedies soared on June 22 morning.
For injections of this last-resort antibiotic weighing 500 mg, 1 g, and 2 g, the business received approval through its German subsidiary. According to Venus Remedies, meropenem exports from India have increased significantly during the past three years.
By launching the medicine in December of this year, we anticipate capturing a 10% market share in Spain's $6.34 million meropenem market. The president of Venus Remedies' Global Critical Care division, Saransh Chaudhary, claimed that it would also allow us to improve our position in the European market.
The stock soared to Rs 248.80 at 11.20, hitting the BSE's 5 percent upper circuit. Meropenem, a carbapenem-class broad-spectrum antibiotic used in intensive care units of hospitals as a last resort for the treatment of life-threatening infections, accounts for 40% of the business' total sales.
The broad-spectrum antibiotic has a market of roughly $70.34 million in Europe. Through tie-ups with strategic alliance partners and the use of its own brand name, Venus Remedies introduced this medication in important European markets. According to the company, Meropenem has more than 120 marketing authorizations across the globe.
