Shares of Jubilant Life Sciences today surged 10 per cent after the company's wholly-owned subsidiary received approval from the US health regulator for a new drug in the US market.
The scrip jumped 9.99 per cent to Rs 676.10 -- a 52-week high on BSE.
Similarly, on NSE, shares of the company soared 9.99 per cent to touch a one-year high of Rs 675.70.
In a BSE filing, the company said, "Its wholly-owned subsidiary Jubilant Pharma, through one of its units Jubilant DraxImage Montreal Canada, has received US Food and Drug Administration approval for RUBY-FILL, for its New Drug Application (NDA), pursuant to section 505 (b)(2) filing."
It further said: "The product is expected to be launched in the current quarter (third quarter of the financial year 2017) under the company's registered brand name RUBY-FILL for which the current estimated US market size is USD 76 million and has a potential to grow up to USD 250 million annually in the next five years.
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