Wockhardt rises after USFDA approval for cancer drug

Wockhardt rose 1.75% to Rs 449.80 at 14:31 IST on BSE after the company said it received US drug regulator's approval for cancer drug.

The announcement was made after market hours yesterday, 10 April 2019.

Meanwhile, the S&P BSE Sensex was up 15.69 points, or 0.04% to 38,601.04.

On the BSE, 2.51 lakh shares were traded in the counter so far compared with average daily volumes of 2.21 lakh shares in the past two weeks. The stock had hit a high of Rs 457.80 and a low of Rs 447.10 so far during the day. The stock hit a 52-week high of Rs 852.55 on 30 April 2018. The stock hit a 52-week low of Rs 375 on 14 February 2019.

Wockhardt has received approval from the United States Food & Drug Administration (USFDA) for an abbreviated new drug application (ANDA) for 50 mg injection of Decitabine, which is used to treat certain forms of cancer. Wockhardt's Decitabine injection is a generic version of Dacogen, marketed in USA and other countries by Otsuka.

Decitabine is used to treat Myelodysplastic syndromes (MDS), a group of cancers in which immature blood cells in the bone marrow do not mature and therefore do not become healthy blood cells. According to IQVIA February 2019 data, the product has sales of $120 million in the US.

Wockhardt will be launching this product in the United States, in a short period of time. With its nationwide distribution network and its excellent relationship with all major trade, retail and institutional customers, Wockhardt is already a significant player in the US pharmaceutical market. The product is being manufactured at a contract manufacturing facility, based near Hyderabad, India.

On a consolidated basis, Wockhardt reported net loss of Rs 76.86 crore in Q3 December 2018 as against net loss of Rs 42.55 crore in Q3 December 2017. Net sales rose 4.03% to Rs 1045.86 crore in Q3 December 2018 over Q3 December 2017.

Wockhardt is a global pharmaceutical and biotech company employing over 9,000 people and 27 nationalities with presence in USA, UK, Ireland, Switzerland, France, Mexico, Russia and many other countries.

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