Aurobindo Pharma rose 1.77% to Rs 748.45 at 14:50 IST on BSE after the company said it has received final approval from the US Food and Drug Administration to manufacture and market Vancomycin Hydrochloride for Injection USP, 5g/vial and 10g/vial.
The announcement was made during market hours today, 30 March 2016.Meanwhile, the S&P BSE Sensex was up 428.68 points or 1.72% at 25,329.14.
On BSE, so far 59,000 shares were traded in the counter as against average daily volume of 2.20 lakh shares in the past one quarter. The stock hit a high of Rs 751 and a low of Rs 732.65 so far during the day. The stock had hit a record high of Rs 891.50 on 30 December 2015. The stock had hit a 52-week low of Rs 582 on 25 February 2016.
The large-cap company has equity capital of Rs 58.52 crore. Face value per share is Rs 1.
Aurobindo Pharma expects to launch Vancomycin Hydrochloride for Injection USP, 5g/vial and 10g/vial (pharmacy bulk package) in the later part of FY 2016-17. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Vancomycin Hydrochloride for Injection USP, 5g/vial and 10g/vial (pharmacy bulk package), of Fresenius Kabi USA, LLC.
Vancomycin Hydrochloride for Injection is an antibiotic used in the treament of severe infections caused by susceptible strains of methicillin-resistant (Beta-lactam resistant) staphylococci and others. The approved product has an estimated market size of $160 million in the United States for the twelve months ended January 2016, according to IMS.
Aurobindo Pharma is one of the four stocks that enter the Nifty 50 index with effect from 1 April 2016 following a semi-annual review of its indices announced by NSE in February 2016.
Aurobindo Pharma's consolidated net profit rose 39.2% to Rs 534.95 crore on 9.2% growth in net sales to Rs 3432.08 crore in Q3 December 2015 over Q3 December 2014.
Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company's robust product portfolio is spread over 7 major therapeutic/product areas encompassing antibiotics, anti-retrovirals, CVS, CNS, gastroenterologicals, anti-allergies and anti-diabetics. The company is marketing these products globally, in over 150 countries.
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