Shares of Strides Arcolab were up over 8% at Rs 592 after the company said it has received approval from the US Food and Drug Administration for manufacture of generic Methoxsalen capsules in 10mg dosage.
According to IMS data, the US market for generic Methoxsalen Capsule is approximately $13.6 million, with no generic player, the company said in a release.
The product will be manufactures at its USFDA approved oral dosage facility at Bangalore and marketed directly by Strides in the US market, the release said.
Methoxsalen is a drug used to treat psoriasis, eczema, vitiligo and some cutaneous lymphomas in conjuction with exposing the skin to UVA light from lamps or sunlight.
The stock opened at Rs 553 and touched a high of Rs 605 so far. Over 1.3 million shares were traded on both the stock exchanges so far.
