Alembic Pharma gains on USFDA approval
Gujarat-based pharmaceutical company Alembic Pharma informed the bourses that it has received approval from the US Food & Drug Administration (USFDA) for Oseltamivir Phosphate Capsules USP, 30 mg, 45 mg, and 75 mg.
The said tablet is used to treat symptoms caused by the flu virus. As per IQVIA, the said tablets have projected market size of US$647 million in the 12-month period ending December 2018 in the US market.
Alembic Pharma has a cumulative total of 97 ANDA approvals, of which 85 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 Monday, the stock opened at Rs. 506.60 per share and made an intraday high of Rs. 518 on the BSE. At 11:45 hours, the stock was trading nearly at Rs. 516.50 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.