Strides Arcolab shares up 10% on USFDA nod to drug

Shares of pharmaceutical major Strides Arcolab closed nearly 10 per cent up today as the company received regulatory approval to market a skin disease drug in the US.
Bangalore-based Strides Arcolab's stock ended at Rs 599.70, up 9.54 per cent, on the BSE. During the day, the scrip soared 11 per cent to Rs 608 -- its 52-week high.
At the NSE, the stock was up 9.71 per cent to Rs 603.
The company's market value advanced by Rs 312.15 crore to Rs 3,572.15 crore.
In terms of volume, 4.15 lakh shares were traded at the BSE, while over 14 lakh shares changed hands at the NSE during the day.

The US Food and Drug Administration (FDA) has allowed the company to sell Methoxsalen capsules of 10 mg strength, Bangalore-based Strides Arcolab said in a statement.
The US market for generic Methoxsalen capsules is pegged at about USD 13.6 million, with no generic player, the company said, citing IMS data.