Shilpa Medicare spikes on back of approval for cancer drug

Shilpa Medicare Limited (SML) has received USFDA approval for its ANDA filing for Irinotecan HCL injection USP, 40 mg/2ml and 100 mg/5ml (20mg/ml) single dose vials. The stock was buzzing and trade up by 4 per cent on Monday.

The injection Irinotecan is used in the treatment of patients with metastatic carcinoma of the colon or rectum. The US market sales for Irinotecan HCL was approximately US$18 million, according to IQVIA MAT Q2 2018 report.

Shilpa Medicare Limited is engaged in the manufacture and supply of affordable API and formulation, globally. The company has five manufacturing plants.

In the post-lunch session, Shilpa Medicare was trading Rs. 393.90 per share, up by Rs. 9.85 or 2.56 per cent on Tuesday. The stock opened at Rs. 400.00 per share and hit an intraday high of Rs. 401.30 per share. Meanwhile, the benchmark index BSE Sensex at 35,959.44, down by 108.89 points or 0.30 per cent, while, Nifty50 was at 10,828.15, down by 34.40 or 0.32 per cent. The Nifty Pharma index was moving in the positive direction and was at 8,892.45, up by 23.75 points or 0.27 per cent.