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Cadila Healthcare rises after USFDA approval for a drug

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Capital Market
Last Updated : Nov 24 2017 | 11:50 AM IST

Cadila Healthcare rose 0.78% to Rs 446.95 at 11:36 IST on BSE after the company said it has received approval from the USFDA for Minocycline Hydrochloride Extended - Release tablets.

The announcement was made during market hours today, 24 November 2017.

Meanwhile, the S&P BSE Sensex was up 110.68 points, or 0.33% to 33,698.76.

On the BSE, 31,000 shares were traded in the counter so far, compared with average daily volumes of 1 lakh shares in the past one quarter. The stock had hit a high of Rs 450.40 and a low of Rs 442.20 so far during the day. The stock hit a 52-week high of Rs 558 on 12 June 2017. The stock hit a 52-week low of Rs 329.95 on 26 December 2016.

The stock had underperformed the market over the past 30 days till 23 November 2017, sliding 7.74% compared with 1.65% rise in the Sensex. The scrip had outperformed the market in past one quarter, declining 10.39% as against Sensex's 6.30% rise. The scrip also underperformed the market in past one year, gaining 11.87% as against Sensex's 29.88% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.

Zydus Pharmaceuticals (USA) Inc., a wholly owned subsidiary of Cadila Healthcare, has received the final approval from the USFDA to market Minocycline Hydrochloride Extended - Release tablets in strengths of 45 mg, 80 mg, 90 mg and 105 mg and 135 mg. Zydus also received the tentative approval for Minocycline Hydrochloride Extended - Release Tablets, 55 mg, 65 mg and 115 mg.

Minocycline Hydrochloride Extended - Release tablets are a tetracycline-class drug, indicated to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris in patients 12 years of age and older, Cadila Healthcare said. It will be produced at the group's formulations manufacturing facility at Moraiya, Ahmedabad, the company said. The group now has more than 170 approvals and has so far filed over 310 ANDAs since the commencement of the filing process in FY 2003-04, it added.

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On a consolidated basis, net profit of Cadila Healthcare rose 32.48% to Rs 503.30 crore on 35.04% rise in net sales to Rs 3154.90 crore in Q2 September 2017 over Q2 September 2016.

Cadila Healthcare is a global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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First Published: Nov 24 2017 | 11:38 AM IST

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