Shilpa Medicare’s stock jumped over 11 per cent in early trade after it received a key approval from the USFDA. Here is all you need to know.
By India Today Business DeskShares of Shilpa Medicare Limited rose sharply on Tuesday, jumping over 11 per cent during early trade. At one poiint, the stock hit an intraday high of Rs 260.65 after soaring 11.77 per cent.
At around 11:15 am, the stock was trading 10.07 per cent higher at Rs 256.85.
The sharp rise in the company’s share price comes after it received final approval for its Apremilast tablets from the US Food and Drug Administration (USFDA).The drug can be used for the treatment of adult patients with active psoriatic arthritis.
In an exchange filing, the company said, “This is to inform you that the company has received US FDA final approval for its ANDA, Apremilast Tablets, 10 mg, 20 mg, and 30 mg for the treatment of adult patients with active psoriatic arthritis.”
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“The product is executed from a contract manufacturing site. Apremilast Tablets, 10 mg, 20 mg, and 30 mg is a generic equivalent of 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 $3.55 billion,” it added.
It may be noted that the stock hit a high of Rs 260.65 today, which is a significant gain over its 52-week low of Rs 222.40. However, the stock has lost over 45% in the past one year. Meanwhile, on a year-to-date (YTD) basis, the stock is down over 7.8 per cent.
Rodolfo Frami
Cakra News
Julian Marks