Cadila Healthcare advances after USFDA nod for oral suspension drug

Cadila Healthcare was up 1.26% to Rs 459.05 at 10:22 IST on BSE after the company said it has received final US drug regulator nod for an oral suspension drug.

The announcement was made after market hours yesterday, 26 April 2017.

Meanwhile, the S&P BSE Sensex was down 49.17 points or 0.16% at 30,084.18.

On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 1.40 lakh shares in the past one quarter. The stock had hit a high of Rs 463.25 and a low of Rs 457.55 so far during the day.

The stock had hit a record high of Rs 466.10 on 7 April 2017 and a 52-week low of Rs 305.05 on 24 June 2016. It had underperformed the market over the past one month till 26 April 2017, advancing 1.6% compared with the Sensex's 2.42% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 26.72% as against the Sensex's 8.75% rise.

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

Cadila Healthcare received the final approval from the United States Food and Drug Administration (USFDA) to market Cholestyramine for Oral Suspension USP, 4 gram per scoopful. It is indicated as an adjunctive therapy to the diet for the reduction of elevated serum cholesterol in patients with primary hypercholesterolemia (elevated low density lipoprotein [LDL] cholesterol) who do not respond adequately to diet.

Cholestyramine will be produced at the group's formulations manufacturing facility at Baddi. The group has now more than 110 approvals and has so far filled over 300 abbreviated new drug applications (ANDAs) since the commencement of the filling process in FY 2003-2004.

Cadila Healthcare's consolidated net profit fell 34.6% to Rs 281.60 crore on 0.8% decline in net sales to Rs 2249.60 crore in Q3 December 2016 over Q3 December 2015.

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

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