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Shares of Orchid Chemicals & Pharmaceuticals have rallied 14% to Rs 56.15, extending its previous day’s 9% gain on the BSE, after the company said it has received nod from the United States Food and Drug Administration (USFDA) for generic anti-bacterial Gemifloxacin Mesylate tablets.
“The company has received approval from the USFDA for its abbreviated new drug application (ANDA) for Gemifloxacin Mesylate tablets in the strength of 320 mg”, Orchid Chemicals & Pharmaceuticals said in a filing to BSE.
The approval is with 180 days of generic drug exclusivity, it added.
The stock opened at Rs 54 and hit a high of Rs 57.40 on the BSE. The trading volumes on the counter more than doubled with a combined 2.56 million shares changed hands on the BSE and NSE till 0926 hours.
“The company has received approval from the USFDA for its abbreviated new drug application (ANDA) for Gemifloxacin Mesylate tablets in the strength of 320 mg”, Orchid Chemicals & Pharmaceuticals said in a filing to BSE.
The approval is with 180 days of generic drug exclusivity, it added.
The stock opened at Rs 54 and hit a high of Rs 57.40 on the BSE. The trading volumes on the counter more than doubled with a combined 2.56 million shares changed hands on the BSE and NSE till 0926 hours.
