 "Jubilant Life Sciences surges 10% on USFDA nod for generic anti-hypertensive tablets")
Jubilant Life Sciences has surged 10% to Rs 159 on NSE after the company said it has received final approval from US health regulator to sell generic copies of Valsartan tablets used for treatment of hypertension.
The stock opened at Rs 150 and hit a high of Rs 161 on NSE. The trading volumes on the counter more than doubled with a combined 1.98 million shares changed hands till 1108 hours on NSE and BSE.
“The company has received Abbreviated New Drug Application (ANDA) final approval from the US Food and Drug Administration (US FDA) for Valsartan Tablets USP, 40 mg, 80 mg, 160 mg and 320 mg, the generic version of Diovan® (of Novartis), used as an anti-hypertensive,” Jubilant Life Sciences said in a statement.
The current annualized US market size for Valsartan Tablets USP, 40 mg, 80 mg, 160 mg, and 320 mg as per IMS is $ 2 billion, it added.
The company expects to launch this product immediately.
As on September 30, 2014, Jubilant Life Sciences had a total of 781 filings for formulations of which 322 have been approved in various regions globally. This includes 72 ANDAs filed in the US and 46 Dossier filings in Europe.
On Tuesday, the stock gained 3% after the company announced that it has got USFDA approval for two drugs - Mycophenolate Mofetil and Rizatriptan.
The stock opened at Rs 150 and hit a high of Rs 161 on NSE. The trading volumes on the counter more than doubled with a combined 1.98 million shares changed hands till 1108 hours on NSE and BSE.
“The company has received Abbreviated New Drug Application (ANDA) final approval from the US Food and Drug Administration (US FDA) for Valsartan Tablets USP, 40 mg, 80 mg, 160 mg and 320 mg, the generic version of Diovan® (of Novartis), used as an anti-hypertensive,” Jubilant Life Sciences said in a statement.
The current annualized US market size for Valsartan Tablets USP, 40 mg, 80 mg, 160 mg, and 320 mg as per IMS is $ 2 billion, it added.
The company expects to launch this product immediately.
As on September 30, 2014, Jubilant Life Sciences had a total of 781 filings for formulations of which 322 have been approved in various regions globally. This includes 72 ANDAs filed in the US and 46 Dossier filings in Europe.
On Tuesday, the stock gained 3% after the company announced that it has got USFDA approval for two drugs - Mycophenolate Mofetil and Rizatriptan.