Cadila Healthcare gains on USFDA OK for cholesterol drug

Cadila Healthcare rose 3.44% to Rs 236.05 after the company said it received final approval from the US drug regulator for Colesevelam Hydrochloride tablets.

Zydus Cadila has received the final approval from the US Food and Drug Administration (USFDA) to market Colesevelam Hydrochloride tablets, (US RLD - Welchol), 625 mg. It will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad.

This medication is used along with a proper diet and exercise, to lower cholesterol in people with high levels of cholesterol in the blood. Lowering cholesterol decreases the risk of heart disease and helps prevent strokes and heart attacks.

The group now has 273 approvals and has so far filed over 360 abbreviated new drug application (ANDAs) since the commencement of the filing process in FY 2003-04. The announcement was made during market hours today, 9 October 2019.

Meanwhile, the S&P BSE Sensex was up 429 points or 1.14% to 37960.85.

On the BSE, 30,563 shares were traded in the counter so far compared with average daily volumes of 52,000 shares in the past two weeks. The stock hit a high of Rs 237.25 and a low of Rs 226 so far during the day.

The stock hit a 52-week high of Rs 387.50 on 10 Oct 2018. The stock hit a 52-week low of Rs 206.45 on 22 Aug 2019.

On a consolidated basis, Cadila Healthcare's net profit fell 34.07% to Rs 303.60 crore on a 23.03% increase in net sales to Rs 3406.20 crore in Q1 June 2019 over Q1 June 2018.

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

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