Unichem gains on USFDA nod for Quetiapine Fumarate tablets

Shares of Unichem Laboratories were up nearly 3% at Rs 230 after the company said it has received ANDA approval from the USFDA for Quetiapine Fumarate tablets which are therapeutically equivalent to Seroquel tablets of AstraZeneca Pharmaceuticals LP.

Quetiapine Fumarate is an atypical antipsychotic indicated for the treatment of Schizophrenia, the company said in a release.

The product will be commercialised from Unichem's Ghaziabad plant. Active Pharmaceutical Ingredient will also be made in house at the Pithampur API plant, the release added.

The stock opened at Rs 222 and touched a high of Rs 234. At 2:05pm, over 164,000 shares were traded on both the stock exchanges.