Alembic Pharma gets USFDA approval for depression drug

Alembic Pharmaceutical informed the bourses that it has got approval for its Abbreviated New Drug Application (ANDA) Desvenlafaxine Extended-Release Tablets, 25 mg from USFDA on Monday.

Desvenlafaxine is used to treat depression. It may improve a patient's mood, feelings of well-being, and energy level. As per IQVIA, the said tablets have projected market size of US$13.3 million for 12 months ending December 2017.

Currently, Alembic Pharma has a total of 77 ANDA approvals out of which 64 are final approvals and 13 are tentative. The company is engaged in developing formulations and active pharmaceutical ingredients (API).

During the recent quarter Q1FY19, its International formulations grew by 25 per cent and consisted of US (64 per cent) and Non-US (36 per cent). Whereas, Indian formulations grew by 40 per cent in Q1FY19.

On Monday, the stock of Alembic Pharma opened at Rs. 645 per share and made an intraday high of Rs. 662 on the BSE.