Cadila Healthcare rises after USFDA approval for drug

Cadila Healthcare rose 2.37% to Rs 429.95 at 12:02 IST on BSE after the company said it received final approval from the US drug regulator for Nifedipine extended-release tablets.

The announcement was made during market hours today, 21 December 2017.

Meanwhile, the S&P BSE Sensex was down 23.20 points, or 0.07% to 33,754.18.

On the BSE, 1.53 lakh shares were traded in the counter so far, compared with average daily volumes of 2.07 lakh shares in the past two weeks. The stock had hit a high of Rs 434.30 and a low of Rs 418.50 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 329.95 on 26 December 2016.

Zydus Pharmaceuticals (USA) Inc., a wholly-owned subsidiary of Cadila Healthcare, has received the final approval from the US Food and Drug Administration (USFDA) to market Nifedipine extended-release tablets USP in strengths of 30 milligram (mg), 60 mg and 90 mg. The drug is used to treat hypertension (high blood pressure) and angina (chest pain). It will be manufactured at the group's formulations manufacturing facility at Special Economic Zone (SEZ), Ahmedabad.

The group now has more than 180 approvals and has so far filed over 310 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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