Cadila Healthcare rose 0.69% to Rs 465.40 after the company was granted orphan drug designation by the US drug regulator for Saroglitazar in the treatment of patients with Primary Biliary Cholangitis (PBC).
Orphan drug designation provides eligibility for certain development incentives, including tax credits for qualified clinical testing, prescription drug user fee exemptions and seven-year marketing exclusivity upon FDA approval. This follows the grant of 'Fast Track Designation' by the USFDA to Saroglitazar Mg for PBC in December 2020.
Saroglitazar Mg is a potent and selective peroxisome proliferator-activated receptor alpha and gamma dual agonist.
PBC is a liver disease, caused due to progressive destruction of the bile ducts in the liver which leads to reduction of bile flow a condition referred to as cholestasis. The global market for PBC treatment is expected to grow at a CAGR of 36.3% from 2018 2026 and is expected to reach $10.8 billion by 2026 as per Coherent market insights.
Cadila Healthcare is a global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.
The company's consolidated net profit soared 411% to Rs 423.60 crore on 16% jump in net sales to Rs 3,762.30 crore in Q2 September 2020 over Q2 September 2019.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content