Jubilant Life Sciences spurted 7.93% to Rs 136.80 at 9:53 IST on BSE after the company said it has received abbreviated new drug application approval from USFDA for a generic version of AstraZeneca's Seroquel.
The announcement was made after market hours on Thursday, 28 November 2013.
Meanwhile, the S&P BSE Sensex was up 220.63 points or 1.07% at 20,755.54.
On BSE, 2.20 lakh shares were traded in the counter as against average daily volume of 1.39 lakh shares in the past two weeks.
The stock hit a high of Rs 139.40 and a low of Rs 128.05 so far during the day. The stock had hit a 52-week high of Rs 248.25 on 10 December 2012. The stock had hit a 52-week low of Rs 65.10 on 28 August 2013.
Jubilant Life Sciences said that it has received abbreviated new drug application (ANDA) approval from the US Food and Drug Administration (USFDA) for Quetiapine Fumarate Tablet, 25 mg (base), the generic version of AstraZeneca's Seroquel, which is an atypical antipsychotic medication indicated for the treatment of schizophrenia, and for the treatment of acute manic episodes associated with bipolar disorder.
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The current total market size for Quetiapine Fumarate Tablet, 25 mg (base) as per IMS is $59 million per annum, the company said. Jubilant Life Sciences said it expects to launch this product in Q4 FY 2014.
As on 30 September 2013, Jubilant Life Sciences had a total of 676 filings for formulations of which 218 have been approved in various regions of the world. This includes 58 ANDAs filed in the US and 48 Dossier filings in Europe, the company said in a statement.
Jubilant Life Sciences reported a consolidated net loss of Rs 80.58 crore in Q2 September 2013 as against net profit of Rs 152 crore in Q2 September 2012. Net sales rose 17.8% to Rs 1424.30 crore in Q2 September 2013 over Q2 September 2012.
Jubilant Life Sciences is a global pharmaceutical and life sciences company engaged in manufacture and supply of APIs, generics, specialty pharmaceuticals and life science ingredients. It also provides services in contract manufacturing and drug discovery and development.
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