Shilpa Medicare stock surges post USFDA approval
The share price of Shilpa Medicare gained around six per cent today, after the company received an approval from US Food and Drug Administration (USFDA) for Pirfenidone tablets, which is used to treat idiopathic pulmonary fibrosis.
The company informed the exchanges that it had received USFDA nod for its Abbreviated New Drug Application (ANDA) Pirfenidone tablets, 267 mg and 801 mg on January 30, 2020.
As per IQVIA MAT Q2 2019 data, the annual US market for Pirfenidone tablets is approximately $716.3 million.
Shilpa Medicare Limited (SML) is a global brand which is engaged in the business of manufacturing bulk drugs or Active Pharmaceutical Ingredient (API).
At 3.09 pm on Monday, the stock of Shilpa Medicare is trading at Rs 304.00, up by 3.33 per cent or Rs 9.80 per share, against its previous close of Rs 294.20. Its 52-week high is recorded at Rs 433.10 and 52-week low is Rs 190.80 on BSE.