Alembic Pharma rises after receiving tentative approval for anti anginal drug

Alembic Pharmaceuticals gained 1.76% to Rs 761.95 after the drug maker received tentative approval from the US Food & Drug Administration (USFDA) for for ivabradine tablets.

Ivabradine Tablets are indicated to reduce the risk of worsening heart failure in adult patients with stable, symptomatic chronic heart failure with left ventricular ejection fraction. The tablets are also indicated for the treatment of stable symptomatic heart failure due to dilated cardiomyopathy (DCM) in pediatric patients aged 6 months and older, who are in sinus rhythm with an elevated heart rate

The tentatively approved ANDA is therapeutically equivalent to the reference listed drug, Corlanor Tablets of Amgen Inc. According to IQVIA, ivabradine tablets have an estimated market size of $102 million for twelve months ending December 2021.

Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company. It manufactures and markets generic pharmaceutical products all over the world.

On a consolidated basis, the company reported a 39.7% fall in net profit to Rs 176.42 crore on a 3.2% fall in net sales to Rs 1,271.7 crore in Q3 FY22 over Q3 FY21.

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