Wockhardt gains on launch of generic version of Lamictal

Meanwhile, the BSE Sensex was down 11.85 points or 0.06% at 19,679.57

Wockhardt made the announcement during market hours today, 8 January 2013.

On BSE, 2,672 shares were traded in the counter as against average daily volume of 15,126 shares in the past one quarter.

The stock hit a high of Rs 1,685.90 and a low of Rs 1,650.05 so far during the day. The stock had hit a record high of Rs 1,827 on 16 November 2012. The stock had hit a 52-week low of Rs 271.50 on 9 January 2012.

The stock had underperformed the market over the past one month till 7 January 2013, falling 0.54% compared with the Sensex's 1.38% gain. The scrip, however, outperformed the market in past one quarter, surging 30.96% as against Sensex's 3.98% gain.

The large-cap company has equity capital of Rs 54.78 crore. Face value per share is Rs 5.

Wockhardt said it has received final approval from United States Food & Drug Administration (USFDA) for marketing 25 mg, 50 mg, 100 mg, 200 mg and 300 mg extended release tablets of Lamotrigine, which is used in the treatment of epilepsy. Lamotrigine is the generic name of the brand Lamictal XR, marketed in the US by GlaxoSmithKline. Wockhardt is launching the product immediately and will be amongst the earliest generic versions of this product in the market, Wockhardt said in a statement.

According to IMS Health, the total market for this product in the US is about $250 million. Wockhardt will be manufacturing the extended release tablets of Lamotrigine at its facility in Aurangabad, India. The technology for the extended release tablets was developed in-house. Wockhardt already markets several other products in the United States in the CNS segment, especially anti-convulsant drugs, Wockhardt said.

Commenting on the latest development Wockhardt Founder Chairman & Group CEO, Dr. Habil Khorakiwalla, said: "We are continuing our rapid momentum of 2012 into the New Year with this approval of Lamotrigine extended release tablets. This is the sixth product with drug delivery technology that has received US FDA approval in the last 5 months, a continuing testimony to the R&D capabilities of Wockhardt", he said.

Wockhardt's consolidated net profit jumped 255.5% to Rs 453.55 crore on 28.9% growth in net sales to Rs 1347.44 crore in Q2 September 2012 over Q2 September 2011.

Wockhardt is a high-technology intensive global pharmaceutical and biotechnology company with multi-disciplinary and innovative R&D programmes. It has 3 research centres globally and manufacturing facilities across India, USA, UK and Ireland. The company has a significant presence in USA, Europe and India, with 81% of its global revenues coming from international businesses.

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