Alembic Pharma advances 5 per cent on USFDA approval
Gujarat-based pharmaceutical company Alembic Pharma today informed the bourses that it has received tentative approval from US Food & Drug Administration (USFDA) for Dapagliflozin Tablets, 5 mg and 10 mg.
The tablet is used to reduce blood glucose levels by helping the kidneys to remove glucose from the blood and excrete it in urine. As per IQVIA, the medication has a projected market size of US$1.7 billion in the 12-month period ending December 2018. Alembic Pharma has a cumulative total of 99 ANDA approvals, of which 88 have final approvals and 11 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 Tuesday, the stock opened at Rs. 517.95 and gained nearly 4.7 per cent and made an intraday high of Rs. 536.15 on the BSE. At 12.18 the stock was trading nearly at Rs. 530.2 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.