Aurobindo Pharma rose 1.08% to Rs 878 at 12:15 IST on BSE after the company said that it has received final approval from USFDA to manufacture and market Famotidine Tablets USP, 20 mg and 40 mg, in the US.
The company made the announcement during market hours today, 24 December 2015.
Meanwhile, the BSE Sensex was down 22.40 points or 0.09% at 25,827.90.
On BSE, so far 1.23 lakh shares were traded in the counter, compared with an average volume of 1.21 lakh shares in the past one quarter.
The stock hit a high of Rs 882.75, which is also a record high for the stock. The stock hit a low of Rs 871.75 so far during the day. The stock hit a 52-week low of Rs 490.50 on 26 February 2015.
The stock had outperformed the market over the past one month till 23 December 2015, rising 2.53% compared with 0.12% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 18.48% as against Sensex's 0.11% gains.
The large-cap company has an equity capital of Rs 58.40 crore. Face value per share is Re 1.
Aurobindo Pharma said that the approved Abbreviated New Drug Application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Pepcid Tablets, 20 mg and 40 mg, of Valeant Pharmaceuticals International, Inc. Famotidine Tablets is used for the short-term treatment of gastroesophageal reflux disease and active duodenal ulcer. The approved product has an estimated market size of $29 million in the US for the twelve months ended October 2015, according to IMS.
This is the 54th ANDA to be approved out of unit VII formulation facility in Hyderabad, India for manufacturing oral non-antibiotic products. Aurobindo now has a total of 226 ANDA approvals (198 final approvals including 10 from Aurolife Pharma LLC and 28 tentative approvals) from United States Food & Drug Administration (USFDA).
Aurobindo Pharma's consolidated net profit rose 21.4% to Rs 451.76 crore on 14.6% rise in net sales to Rs 3280.11 crore in Q2 September 2015 over Q2 September 2014.
Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company is marketing these products globally, in over 150 countries.
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