Venus Remedies has soared 13% to Rs 299 on the BSE after the drug maker said it has received marketing authorisation for meropenem, an antibiotic drug, from Venezuela and plans to launch the product in the Latin American country in the next few months.
The company has extended its footprint in Latin America with marketing authorisation for meropenem from Venezuela, a $ 6-billion pharmaceutical market, Venus Remedies said in a statement.
The company said it is planning to launch meropenem in Venezuela in the next couple of months. The $ 10 million meropenem market in Venezuela offers a great opportunity to us and we are aiming at capturing a sizeable share in this market in the first year of the launch, it added.
The stock opened at Rs 268 and hit a high of Rs 310 on the BSE. The trading volumes on the counter has surged more than three-fold with a combined around 600,000 shares changed hands so far on the BSE and NSE.
The company has extended its footprint in Latin America with marketing authorisation for meropenem from Venezuela, a $ 6-billion pharmaceutical market, Venus Remedies said in a statement.
The company said it is planning to launch meropenem in Venezuela in the next couple of months. The $ 10 million meropenem market in Venezuela offers a great opportunity to us and we are aiming at capturing a sizeable share in this market in the first year of the launch, it added.
The stock opened at Rs 268 and hit a high of Rs 310 on the BSE. The trading volumes on the counter has surged more than three-fold with a combined around 600,000 shares changed hands so far on the BSE and NSE.
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