Alembic Pharma shares surge 20% on USFDA nod for depression drug

Shares of Alembic Pharmaceuticals today surged 20 per cent after the company received the US health regulator's nod for Bupropion Hydrochloride tablets, used for treatment of major depressive disorder.

The stock soared 19.87 per cent to settle at Rs 521.25 on BSE. During the day, it jumped 19.99 per cent to Rs 521.80.

On NSE, shares of the company zoomed 20 per cent to close at Rs 522.30.

The company's market valuation also rose by Rs 1,629.39 crore to Rs 9,826.39 crore.

"The company has received approval from the United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Bupropion Hydrochloride tablets," Alembic Pharmaceuticals said in a BSE filing.

The approval is for strengths of 75 mg and 100 mg.