Jubilant Life Sciences rose 7.02% to Rs 149 at 9:31 IST on BSE after the company said it received final approvals from the US health regulator for two generic drugs in the US market.
The announcement was made after market hours on Monday, 5 January 2015.
Meanwhile, the BSE Sensex was down 412.58 points, or 1.48%, to 27,429.74.
On BSE, so far 1.43 lakh shares were traded in the counter, compared with an average volume of 36,833 shares in the past one quarter.
The stock hit a high of Rs 153.55 and a low of Rs 146.50 so far during the day. The stock hit a 52-week high of Rs 222 on 13 June 2014. The stock hit a 52-week low of Rs 111 on 20 February 2014.
The stock had outperformed the market over the past one month till 5 January 2015, rising 3.87% compared with 2.16% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 9.20% as against Sensex's 4.80% rise.
The small-cap company has an equity capital of Rs 15.93 crore. Face value per share is Re 1.
Jubilant Life Sciences has received abbreviated new drug application (ANDA) final approval from the US Food and Drug Administration (US FDA) for Mycophenolate Mofetil USP, 250 milligram (mg) capsules and 500 mg tablets (from its US subsidiary, Jubilant Cadista Pharmaceuticals Inc). The company also received approval for Rizatriptan tablets 5 mg and 10 mg (from its Indian subsidiary, Jubilant Generics).
Mycophenolate Mofetil is the generic version of Cellcept (of Roche), an immunosuppressant which is used to help prevent organ rejection in transplants. The current annualized US market size for Mycophenolate Mofetil USP, 250 mg capsules and 500 mg tablets as per IMS is $245 million.
Rizatriptan Tablets 5 mg and 10 mg is the generic version of Maxalt (of Merck), used for the treatment of migraine. The current annualized US market size for Rizatriptan tablets 5 mg and 10 mg as per IMS is $70 million.
As on 30 September 2014, Jubilant Life Sciences had a total of 781 filings for formulations of which 322 have been approved in various regions globally. This includes 72 ANDAs filed in the US and 46 dossier filings in Europe.
On a consolidated basis, Jubilant Life Sciences reported a net loss of Rs 94.11 crore in Q2 September 2014, higher than net loss of Rs 80.58 crore in Q2 September 2013. Total income fell 3.03% to Rs 1397.52 crore in Q2 September 2014 over Q2 September 2013.
Jubilant Life Sciences is a global pharmaceutical and life sciences company engaged in manufacture and supply of active pharmaceutical ingredients (APIs), generics, specialty pharmaceuticals and life science ingredients.
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