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Shares of Jubilant Life Sciences has surged 7% to Rs 150 in an otherwise weak market after the company said it has received Abbreviated New Drug Application final approval from the USFDA for generic Mycophenolate Mofetil and Rizatriptan.
Mycophenolate Mofetil USP, 250mg capsules and 500mg tablets is the generic version of Cellcept (Roche), an immunosuppressant which is used to help prevent organ rejection in transplants. The annual market size in the US as per IMS is $245 million, the company said in a release.
Rizatriptan tablets 5mg and 10mg is the generic version of Maxalt (Merck) used for the treatment of migraine. The annual market size for these tablets is $70 million, the release said.
The stock opened at Rs 148 and touched a high of Rs 154. At 9:35AM, over 540,000 shares were traded on both the stock exchanges.
