Cadila Healthcare jumps after USFDA approval for anti-diabetic drug

Cadila Healthcare rose 4.16% to Rs 374.25 at 11:57 IST on BSE after the company said it received final approval from the US drug regulator for an oral anti-diabetic drug.

The company made the announcement during trading hours today, 11 July 2016.

Meanwhile, the BSE Sensex was up 467.64 points, or 1.72%, to 27,594.54.

On BSE, so far 1.69 lakh shares were traded in the counter, compared with average daily volume of 86,208 shares in the past one quarter. The stock hit a high of Rs 374.55 and a low of Rs 365.50 so far during the day. The stock hit a record high of Rs 454.40 on 23 October 2015. The stock hit a 52-week low of Rs 295.50 on 18 January 2016. The stock had outperformed the market over the past 30 days till 8 July 2016, rising 12.79% compared with 1.36% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.05% as against Sensex's 9.94% rise.

The large-cap company has an 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 Nateglinide Tablets USP in strengths of 60 milligram (mg) and 120 mg.

The drug is an oral anti-diabetic agent used in the management of Type 2 diabetes mellitus. It will be produced at the group's formulations manufacturing facility at the pharma special economic zone (SEZ) in Ahmedabad.

The group now has more than 100 approvals and has so far filed nearly 270 Abbreviated New Drug Applications (ANDAs) since the commencement of the filing process in the financial year ended 2003-2004.

Cadila Healthcare's consolidated net profit rose 10.9% to Rs 388.70 crore on 5.7% growth in net sales to Rs 2375.50 crore in Q4 March 2016 over Q4 March 2015.

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

Powered by Capital Market - Live News