Indoco Remedies fell 1.36% to Rs 207, extending losses for the second day.
The stock has lost 4.1% in two sessions from its recent closing high of Rs 215.80 recorded on 21 May 2020.
Meanwhile, the drug maker announced receiving approval for its abbreviated new drug application (ANDA) for Succinylcholine Chloride injection USP 200 mg/ 10 ml (20 mg/ml) multi‐dose vial, therapeutically equivalent to the reference listed drug (RLD) Quelicin Injection of Hospira, Inc. The announcement was made during market hours today.
Succinylcholine Chloride injection is indicated as an adjunct to general anesthesia, to facilitate tracheal intubation, and to provide skeletal muscle relaxation during surgery or mechanical ventilation. The product is being used for some patients infected with Corona virus (COVID‐19).
The US market size of Succinylcholine Chloride injection is of $72 million (6 million vials), as per IMS data for the year ending March, 2020.
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Commenting on this positive outcome, Aditi Kare Panandikar, managing director, Indoco Remedies, said, The receipt of this USFDA approval, in a record time of just 4 months from the date of filing ANDA, is very encouraging. It brings an enormous opportunity to Indoco to serve the patients in these trying times."
Indoco Remedies is a fully integrated, research-oriented pharma company with presence in 55 countries.
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