Suven Life zooms after USFDA nod for Hyderabad facility

Suven Life Sciences has jumped to 5.57% to Rs 78.60 after the US Food and Drug Administration (USFDA) has classified the company's facility at Pashamylaram near Hyderabad as acceptable for manufacture and supply of active pharmaceutical ingredients, intermediates and formulations.

The company stated in a press release on Wednesday that the US health regulator gave its acceptance after inspection and review of the facility.

Suven said that it currently has 12 internally-discovered therapeutic drug candidates in pre-clinical stage of development targeting conditions such as attention deficit hyperactivity disorder (ADHD), dementia, depression, Huntington's disease, Parkinson's disease and obesity in addition to developmental candidate SUVN-502 for Alzheimer's disease and Schizophrenia.

The stock has hit an intra-high of Rs 80.25 so far during the day. The stock hit a record high of Rs 83.40 on 12 November 2013.

On BSE, so far 6.03 lakh shares were traded in the counter, compared with an average volume of 4.33 lakh shares in the past one quarter.