Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Renata rose by Tk 10.8 per share on the Dhaka Stock Exchange (DSE) on Monday after the disclosure of its first direct export of medicines to the US market.
One of the leading drug makers, it had lost nearly 39 per cent of its market value since the floor price removal on February 6.
The company reported the lowest profit in seven years for FY23. Its profit fell year-on-year in the first half of FY24 as well.
Before the withdrawal of floor price, Renata was priced at Tk 1217.9 per share.
In a stock exchange filing on Monday, Renata said it had begun exporting medicines to the US market. It is the sixth pharmaceutical manufacturer from Bangladesh to directly ship products to the world's largest market.
In its first shipment on April 4, Renata dispatched 12.8 million Metoprolol Tartrate tablets for the US market. The drugs were produced at its Rajendrapur facility.
Metoprolol Tartrate is used for treating hypertension, angina, heart failure, and other cardiovascular conditions.
Before this, five Bangladeshi pharmaceutical manufacturers -- Eskayef Pharmaceuticals Ltd, Square Pharmaceuticals Ltd, Beximco Pharmaceuticals Ltd, Incepta Pharmaceuticals Ltd, and ACI Limited -- exported medicines to the US market.
Renata has also shipped Frovatriptan and Metolazone to the US under a contract manufacturing agreement.
The company operates 14 factories in Mirpur, Rajendrapur, and Bhaluka. The Rajendrapur facility received the approval from the US Food and Drug Administration in November 2022.