Strides Arcolab have surged 7% to Rs 629, its all-time high, after the company after market hours on Friday, said its subsidiary Onco Therapies received the drug regulator the US Food and Drug Administration (USFDA) nod to sell cancer medicine Methotrexate Injection in the American market.
“Methotrexate is amongst the products in the drug shortage list of the USFDA. According to IMS Health data, the US market for generic Methotrexate is nearly $13 million," Strides Arcolab said in a filing to the stock exchanges.
"Methotrexate is part of the oncology portfolio licensed to Pfizer in January 2010 for the US market and expected to be launched shortly," it said.
A combined 250,000 shares have changed hands on the counter so far on both the exchanges.
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