Aurobindo Pharma rose 3.13% to Rs 778.40 at 9:19 IST on BSE after the company said it has received the final approval from the US Food & Drug Administration to manufacture and market Raloxifene Hydrochloride Tablets USP 60mg.
The announcement was made on Saturday, 29 August 2015.
Meanwhile, the S&P BSE Sensex was down 70.47 points or 0.27% at 26,321.91.
On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 2.33 lakh shares in the past two weeks.
The stock hit a high of Rs 779.70 and a low of Rs 767.65 so far during the day. The stock had hit a record high of Rs 832.50 on 20 August 2015. The stock had hit a 52-week low of Rs 382.50 on 24 September 2014.
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Aurobindo Pharma said that the approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Evista Tablets 60mg of Eli Lilly.
Raloxifene Hydrochloride Tablets are indicated for treatment and prevention of osteoporosis in postmenopausal women. The product has an estimated market size of $404 million in the United States for the twelve months ended June 2015 according to IMS data.
Aurobindo Pharma's consolidated net profit rose 4.1% to Rs 432.40 crore on 12.8% growth in net sales to Rs 3263.72 crore in Q1 June 2015 over Q1 June 2014.
Aurobindo Pharma, headquartered at Hyderabad, manufactures generic pharmaceuticals and active pharmaceutical ingredients.
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