Cipla gains after USFDA approval for generic

Cipla rose 1.57% to Rs 622 at 9:54 IST on BSE after the company said its subsidiary received US drug regulator's approval to market a generic version of Genzyme's Renvela tablets.

The announcement was made before market hours today, 27 October 2017.

Meanwhile, the S&P BSE Sensex was up 71.41 points, or 0.22% to 33,218.54.

On the BSE, 1.34 lakh shares were traded in the counter so far, compared with average daily volumes of 95,799 shares in the past one quarter. The stock had hit a high of Rs 628 and a low of Rs 618.60 so far during the day. The stock hit a 52-week high of Rs 633.95 on 17 October 2017. The stock hit a 52-week low of Rs 479 on 26 May 2017.

The stock had outperformed the market over the past one month till 26 October 2017, rising 7.48% compared with 6.38% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 8.33% as against Sensex's 2.59% rise. The scrip had underperformed the market in past one year, rising 4.76% as against Sensex's 18.74% rise.

The large-cap company has equity capital of Rs 160.94 crore. Face value per share is Rs 2.

Cipla announced that its subsidiary, InvaGen Pharmaceuticals Inc. (collectively Cipla), has received final approval for its abbreviated new drug application (ANDA) for Sevelamer Carbonate tablets, 800 mg, from the United States Food and Drug Administration (USFDA).

Sevelamer Carbonate Tablets, 800 mg is a AB-rated generic equivalent to the reference listed drug (RLD), Renvela tablets, 800 mg of Genzyme Corporation and are indicated for the control of serum phosphorus in adults with chronic kidney disease (CKD) on dialysis.

Renvela Tablets had US sales of approximately $1.85 billion for the 12-month period ending August 2017, according to IMS Health. Commercial launch will commence immediately.

On a consolidated basis, net profit of Cipla rose 20.57% to Rs 408.82 crore on 3.48% decline in net sales to Rs 3432.32 crore in Q1 June 2017 over Q1 June 2016.

Cipla is a global pharmaceutical company. Its portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.

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