Unichem Lab gains after receiving ANDA approval

Unichem Laboratories gained 1.68% to Rs 284 at 15:14 IST on BSE after the company announced that it has received ANDA approval from USFDA for Valsartan Tablets, USP.

The announcement was made after market hours yesterday, 7 May 2018.

Meanwhile, the S&P BSE Sensex was up 14.93 points, or 0.04% to 35,223.07.

On the BSE, 16,000 shares were traded in the counter so far, compared with average daily volumes of 23,000 shares in the past two weeks. The stock had hit a high of Rs 288.40 and hit a low of Rs 280.05 so far during the day. The stock had hit a record high of Rs 382 on 8 January 2018. The stock had hit a 52-week low of Rs 234.10 on 11 August 2017.

The small-cap company has equity capital of Rs 14.07 crore. Face value per share is Rs 2.

Unichem Laboratories announced that it has received ANDA approval from United States Food and Drug Administration (USFDA) for Valsartan Tablets USP, 40 mg, 80 mg, 160 mg and 320 mg, which are therapeutically equivalent to DIOVANB (Valsartan) tablets, 40 mg, 80 mg, 160 mg and 320 mg of Novartis Pharmaceuticals Corp.

Valsartan is a nonpeptide, orally active, and specific angiotensin 11 receptor bloclter acting on the AT1 receptor subtype. This drug product is indicated for treatment for hypertension, treatment of heart failure and reduction of cardiovascular mortality. This product will be commercialized from Unichem's Ghaziabad plant.

Unichem Laboratories' net profit jumped 9501.80% to Rs 2507.03 crore on 1256.93% rise in total income to Rs 2730.82 crore in Q3 December 2017 over Q3 December 2016.

Unichem Laboratories is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India and several other markets across the world.

Powered by Capital Market - Live News