This small-cap company receives US FDA approval for a drug which has a market size of USD 3.55 billion!
Today, shares of the company saw a spurt in volume by more than 6 times on BSE.
On Tuesday, one of the Top Gainers on BSE, shares of Shilpa Medicare Ltd zoomed 15.59 per cent to Rs 269.55 per share from its previous closing of Rs 233.20.
The sudden increase in the stock price was that Shilpa Medicare received the U.S. Food and Drug Administration (US FDA) final approval for its ANDA for “Apremilast Tablets” for the treatment of adult patients with active psoriatic arthritis.
The product is executed from a contract manufacturing site. Apremilast Tablets, 10 mg, 20 mg and 30 mg are a generic equivalent of the reference listed drug (RLD) OTEZLA of Celgene. According to IQVIA MAT Q4 2022 data, the US market for Apremilast Tablets, 10 mg, 20 mg and 30 mg is approximately USD 3.55 billion.
Shilpa Medicare Ltd is an Indian pharmaceutical company that specializes in the development, manufacturing and marketing of active pharmaceutical ingredients (APIs) and finished dosage forms (FDFs). The company has a global presence, with exports to over 65 countries.
According to the financials, Shilpa Medicare has a market cap of Rs 2,297 crore. The company reported positive numbers in its Quarterly Results and annual results.
Today, shares of the company saw a spurt in volume by more than 6 times on BSE.
Investors should keep an eye on this Small-Cap pharma stock.