Alembic Pharma at record high on USFDA nod for NDA Desvenlafaxine
The company has entered into an out-licensing arrangement with Ranbaxy for marketing the product in the USA.
Alembic Pharmaceuticals has soared almost 18% to Rs 94.45, also its record high on BSE, after the company said it has received USFDA approval for its NDA Desvenlafaxine base extended release tablets, a bio equivalent version of innovator drug, Pristiq by Pfizer.
“The company has entered into an out-licensing arrangement with Ranbaxy Pharmaceutical, a wholly owned subsidiary of Ranbaxy Laboratories for marketing the product in the United States of America,” Alembic Pharmaceuticals said in a regulatory filing.
Desvenlafaxine base extended release tablets is a prescription medicine that is indicated for the treatment of major depressive disorder. The current market size for Pristiq is approximately $ 538 million, based on industry sales data.
The stock opened at Rs 80.95 and has seen a huge trading volumes. As many as a combined 1.23 million shares have already changed hands on the counter so far against an average sub 200,000 shares that were traded daily in past two weeks.
“The company has entered into an out-licensing arrangement with Ranbaxy Pharmaceutical, a wholly owned subsidiary of Ranbaxy Laboratories for marketing the product in the United States of America,” Alembic Pharmaceuticals said in a regulatory filing.
Desvenlafaxine base extended release tablets is a prescription medicine that is indicated for the treatment of major depressive disorder. The current market size for Pristiq is approximately $ 538 million, based on industry sales data.
The stock opened at Rs 80.95 and has seen a huge trading volumes. As many as a combined 1.23 million shares have already changed hands on the counter so far against an average sub 200,000 shares that were traded daily in past two weeks.