Alembic Pharma gains on tentative approval for eye drops

Gujarat-based pharmaceutical company Alembic Pharma informed the bourses that it has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Bimatoprost Ophthalmic Solution.

The said medication is used to treat high pressure inside the eye due to glaucoma or other eye diseases. As per IQVIA, Bimatoprost Ophthalmic Solution had a projected market size of US$704 million in the 12-month period ended December 2018.

Alembic Pharma has a cumulative total of 100 ANDA approvals, of which 88 have final approvals and 12 have tentative approvals from USFDA.

Alembic Pharma is a vertically integrated research and development company. Headquartered in Gujarat, India, it manufactures and sales generic pharmaceutical products all over the world.

On Friday, the stock opened at Rs. 531.05 per share and gained nearly 3 per cent and made an intraday high of Rs. 547 on the BSE. At 13:00 hours, the stock was trading nearly at Rs. 540 on the BSE. The stock had hit its 52-week high of Rs. 664 on September 27, 2018 and its 52-week low of Rs. 435.10 on June 21, 2019 on the BSE.