Cadila Healthcare gains after USFDA nod for antifungal drug

Cadila Healthcare rose 1.86% to Rs 550.75 at 10:19 IST on BSE after the company said its subsidiary Nesher Pharmaceuticals received nod from the US drug regulator to market Nystatin topical powder in the US market.

The announcement was made on Saturday, 10 June 2017.

Meanwhile, the S&P BSE Sensex was down 156.59 points, or 0.50% to 31,105.47.

On the BSE, 61,000 shares were traded in the counter so far, compared with average daily volumes of 1.47 lakh shares in the past one quarter. The stock had hit a high of Rs 551.95 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 545.15 so far during the day. The stock hit a 52-week low of Rs 305.05 on 24 June 2016.

The stock had outperformed the market over the past one month till 9 June 2017, rising 9.92% compared with 3.34% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.43% as against Sensex's 8% rise. The scrip had also outperformed the market in past one year, rising 70.19% as against Sensex's 17.37% rise.

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

Nesher Pharmaceuticals, a subsidiary of Zydus Pharmaceuticals USA, has received final approval from the US Food and Drug Administration (USFDA) to market Nystatin Topical Powder USP, 100,000 units per gram.

The drug will be produced at the Nesher Pharmaceuticals' manufacturing facility located at St. Louis, MO, USA. Nystatin Topical Powder is an antifungal antibiotic used to treat skin infections caused by yeast.

The group now has more than 115 approvals and has so far filed over 300 abbreviated new drug applications (ANDAs) since the commencement of the filing process in the financial year ended March 2004.

Cadila Healthcare's consolidated net profit fell 32.2% to Rs 385.5 crore on 6.5% rise in net sales to Rs 2417.50 crore in Q4 March 2017 over Q4 March 2016.

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

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