Claris Lifesciences today said it has received in-principle approval from the European Union (EU) for its anesthetic product, 'Propofol'.
The approval "will allow the company to precess the registration across 25 countries in Europe", Claris Lifesciences said in a filing to Bombay Stock Exchange (BSE).
According to estimates, the global market size for Propofol is around $750 million at present and in the EU, it is around $150 million, the company said.
"This registration will benefit Claris as EU is a lucrative market in both in terms of revenue and margins. Going ahead, Propofol in EU would be a very big growth driver for Claris," the company said.
Anaesthetic products are generally administered to facilitate surgery.
The company has already received 125 approvals in Europe, while another 105 are in the pipeline, it said.
Shares of Claris Lifesciences were being quoted at Rs 187.70 apiece on the BSE in late afternoon trade today, up 3.67% from their previous close.
