Cadila Healthcare gains after USFDA approval for drug

Cadila Healthcare rose 4.49% to Rs 386.55 at 10:11 IST on BSE after the company said it received final approval from the US drug regulator for Metoprolol Succinate extended-release tablets.

The announcement was made before market hours today, 26 March 2018.

Meanwhile, the S&P BSE Sensex was up 9.86 points, or 0.03% to 32,606.40.

On the BSE, 35,000 shares were traded in the counter so far compared with average daily volumes of 44,000 shares in the past two weeks. The stock had hit a high of Rs 387.80 and a low of Rs 376.25 so far during the day. The stock hit a record high of Rs 558 on 12 June 2017. The stock hit a 52-week low of Rs 361.45 on 23 March 2018.

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

Zydus Cadila has received the final approval from the US Food and Drug Administration (USFDA) to market Metoprolol Succinate extended-release tablets USP in the strengths of 25 mg, 50 mg, 100 mg and 200 mg. The drug is used to treat chest pain (angina), heart failure and high blood pressure.

Lowering high blood pressure helps prevent strokes, heart attacks and kidney problems. It will be manufactured at the group's formulations manufacturing facility at special economic zone (SEZ), Ahmedabad. The group now has more than 185 approvals and has so far filed over 320 abbreviated new drug applications (ANDAs) since the commencement of the filing process in FY 2003-2004.

On a consolidated basis, net profit of Cadila Healthcare rose 71.64% to Rs 542.90 crore on 41.88% rise in net sales to Rs 3191.80 crore in Q3 December 2017 over Q3 December 2016.

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

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