Units of Morepen Labs receives approval for 2 API drugs

The USFDA has accorded twin approvals to the company's bulk drug facilities in Baddi and Masulkhana, in Himachal Pradesh for export to the US market. The stock spiked up by more than 10 per cent on Monday.

The two bulk drugs are Atorvastatin Calcium and Montelukast Sodium. The company's Baddi facility has received approval for the manufacture of Atorvastatin Calcium, a drug indicated for reducing cholesterol, while the Masulkhana facility has recently received a nod for manufacturing Montelukast Sodium, an anti-asthma drug.

This development provides the company with an access to a combined market opportunity of approximately Rs. 7,000 crore for the two bulk drugs in the US.

Morepen Laboratories is pharma and healthcare company engaged in the manufacture and sale of APIs, Formulations, OTC and Home Diagnostics products for Europe, US and other global markets. The company also markets over 100 branded formulations in the domestic market.

Meanwhile, at 12:09 hours, the stock of Morepen Laboratories was trading at Rs. 35.65 per share, up by 11.93 per cent, when the benchmark index BSE Sensex was at 37,379.28, up by 42.43 points or 0.11 per cent, on Monday.