Wockhardt has surged by 9% to Rs 430, its highest since January 2008, on the back of huge volumes.
The trading volumes on the counter surged over four-times, with 1.52 million shares changing hands till 1142 hours against an average 375,000 shares traded daily in the past two weeks.
Last Friday, the pharmaceutical company announced that it received tentative approval from the United States Food & Drug Administration (US FDA) for marketing 20mg, 30mg and 60mg delayed release capsules of Duloxetine hydrochloride, which are used in the treatment of depression.
“Duloxetine is the generic name for the brand Cymbalta marketed in the United States by Eli Lilly and Company. The patent covering this product is under litigation in the US courts and Wockhardt will launch the product after resolution of the same. According to IMS Health, the total market for this product in the US is about $3.3 billion,” the company said in a filing to the stock exchanges.
