Cadila Healthcare gains after USFDA final approval for drug

Cadila Healthcare rose 1.21% to Rs 451.75 at 9:46 IST on BSE after the company said it received US drug regulator's final approval for Ethacrynate Sodium.

The announcement was made on Saturday, 18 November 2017.

Meanwhile, the S&P BSE Sensex was up 12.40 points, or 0.04% to 33,355.20.

On the BSE, 13,000 shares were traded in the counter so far, compared with average daily volumes of 1.27 lakh shares in the past two weeks. The stock had hit a high of Rs 453.70 and a low of Rs 448.05 so far during the day. The stock hit a 52-week high of Rs 558 on 12 June 2017. The stock hit a 52-week low of Rs 329.95 on 26 December 2016.

Cadila Healthcare announced that it received the final approval from the US Food and Drug Administration (USFDA) to market Ethacrynate Sodium for Injection USP, 50 mg/vial. The drug is used to decrease the swelling (edema) caused by various disease conditions such as liver disease, kidney disease, congestive heart failure, cancer etc. and will be produced at the group's formulations manufacturing facility at Moraiya, Ahmedabad. The group now has more than 165 approvals and has so far filed over 300 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 32.48% to Rs 503.30 crore on 35.04% rise in net sales to Rs 3154.90 crore in Q2 September 2017 over Q2 September 2016.

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

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