Alembic receives USFDA approval for Doxycycline Hyclate, up 8 per cent
Pharma major Alembic Pharmaceuticals bagged the approval of US Food and Drugs Association for its abbreviated new drug application (ANDA) for Doxycycline Hyclate capsules USP, 50mg and 100mg. Following the development, the share price of the company surged by over 8 per cent to Rs. 529.90 per share on BSE.
The following drug is used for the treatment of a wide variety of bacterial infections including infections caused by gram negative and gram positive microorganisms. It is also prescribed as a prophylaxis for malaria caused by Plasmodium falciparum, mainly to short-term travelers visiting regions infested with chloroquine or pyrimethaminesulfadoxine resistant strains of mosquito.
The drug may also be used for adjunctive therapy in severe acne as well as acute intestinal amebiasis. Doxycycline Hyclate Capsules is said to have an estimated market size of US$ 80 million for CY17.
In Thursday’s trade, the stock hit an intraday high of Rs. 529.90 per share and an intraday low of Rs. 478.05 per share on BSE. It also witnessed a spurt in volume by over 2.45 times as against its average volume. The stock had touched its 52-week high of Rs. 588 per share on February 15, 2018 and its 52-week low of Rs. 412.40 per share on May 24, 2017 on BSE, respectively.
At 11:47 hours IST, the stock was trading at Rs. 516.60 per share, up by 5.37 per cent on BSE on Thursday. Meanwhile, Indian benchmark indices S&P BSE Sensex was trading at 35,528 level, down by 0.59 per cent and NSE Nifty50 was trading at 10,786.40 level, down by 0.65 level.