Shares of Wockhardt today climbed over 6 per cent after the US health regulator agreed to abridged clinical trials for an antibiotic being developed by the drug firm.
On BSE, the stock settled at Rs 765.25, up 6.28 per cent from the previous close. It opened at Rs 722.60 and touched a high of Rs 774 during the intra-day trade.
The scrip ended the day 6.50 per cent higher at Rs 766 on NSE. Intra-day, it touched a high of Rs 773.95 after opening at Rs 723.50.
Following an uptick in the counter, the market capitalisation of the company rose by 6.28 per cent to Rs 8,459.69 crore on BSE.
"In a recent meeting between Wockhardt Research team and USFDA New Drug Antibiotic Regulatory team, USFDA agreed to abridged clinical trial for phase III for Wockhardt's superdrug antibiotic WCK 5222," the company said in a filing to BSE.
The decision was based on the evaluation by United States Food and Drug Administration (USFDA) of its preclinical and clinical data of phase I establishing safety and clinical scope of efficacy for the drug, it added.
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