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Cadila gains after FDA nod for sclerosis treatment drug

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rose 2.26% to Rs 542.15 at 9:17 on after the company said it has received tentative approval from the US drug regulator to market Fingolimod Capsules, 0.5 mg.

The announcement was made after market hours on Friday, 14 July 2017.

Meanwhile, the S&P Sensex was up 57.96 points or 0.18% at 32,078.71.

On the BSE, 9,336 shares were traded on the counter so far as against the average daily volumes of 1.43 lakh shares in the past one quarter. The stock had hit a high of Rs 543.20 and a low of Rs 539 so far during the day. The stock had hit a record high of Rs 558 on 12 June 2017 and a 52-week low of Rs 329.95 on 26 December 2016.

The stock had underperformed the market over the past one month till 14 July 2017, advancing 0.25% compared with the Sensex's 2.78% rise. The stock had, however, outperformed the market over the past one quarter, gaining 16.95% as against the Sensex's 8.69% rise. The scrip had also outperformed the market over the past one year, advancing 45.49% as against the Sensex's 14.6% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Rs 1.

announced that it has received the tentative approval from the United States Food and Drug Administration (USFDA) to market Fingolimod Capsules, 0.5 mg. The drug is an immunomodulating drug, mostly used for treating multiple sclerosis and will be produced at the group's formulations manufacturing facility at the Pharma SEZ, in Ahmedabad. The sales of Fingolimod Capsules is estimated at $2.1 billion as per IMS Health data.

The group now has more than 120 approvals and has so far filed over 300 abbreviated new drug applications (ANDAs) since the commencement of the filing process in FY 2003-04.

Cadila Healthcare's consolidated net profit fell 32.2% to Rs 385.5 crore on 6.5% rise in net sales to Rs 2417.50 crore in Q4 March 2017 over Q4 March 2016.

is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 17 2017. 09:16 IST