SA drug nod a booster shot for RPG Life

DALAL STREET SPIKES

Mid-size pharmaceutical company RPG Life Science stock spurted nearly 20 per cent after the company announced that it has received a patent for cyclosporin formulations by South African authorities.

The stock spurted to end at the day's high of Rs 57.75, up 19.93 per cent on strong volumes of more than 6.87 lakh shares on the BSE.

According to market analysts, the mid size, mid-cap companies are attracting fresh buying across the board and the company's announcement of receiving a patent for a drug formulation by South African authorities worked a fresh trigger for renewed buying.

The stock from a low of Rs 25.90 on July 9 has now appreciated to Tuesday' close of Rs 57.75. The drug for which the company got the patent rights is used in the treatment of patients who have undergone an organ transplant.

The drug was first launched in the Indian and Mexican markets.