Marksans shoots up 10% on USFDA nod for anti-diabetes tablets

Shares of Marksans Pharma soared nearly 10 per cent today after the company received approval from the US health regulator for its Metformin Hydrochloride tablets, used for treatment of diabetes, in the American market.
The stock zoomed 9.84 per cent to settle at Rs 50.25 on BSE. Intra-day, it gained 13 per cent to Rs 51.70.
On NSE, it jumped 9.37 per cent to close at Rs 50.15.
In terms of volume, 31.31 lakh shares of the company changed hands at BSE and over 1 crore at NSE during the day.
The company has been granted the US Food and Drug Administration (USFDA) approval for Metformin Hydrochloride extended release tablets in the strengths of 500 mg and 750 mg, Marksans Pharma said in a BSE filing today.

The product is generic version of Bristol Meyers Squibb's Glucophage XR extended release tablets in the same strengths, it added.
"The annual sale of the product is approximately USD 230 million," the drug firm said.