Indoco Remedies gains after receiving USFDA nod for type 2 diabetes drug

Indoco Remedies added 2.68% to Rs 317.55 after the company has received tentative approval from the US Food and Drug administration (USFDA) for its abbreviated new drug application (ANDA) for canagliflozin and metformin tablets.

Canagliflozin and Metformin Hydrochloride Tablets are used to treat type 2 diabetes mellitus. The product will be manufactured by the company at its manufacturing facility located at Goa. Canagliflozin and

Aditi Panandikar, managing director said, We are excited to receive the tentative approval from the USFDA for our Canagliflozin and Metformin Hydrochloride Tablets. This milestone underscores our commitment to bringing affordable and effective treatment options to patients managing type 2 diabetes.

Indoco is a fully integrated, research-oriented pharmaceutical company. The company has 11 manufacturing facilities, 7 for FDFs and 4 for APIs, supported by an R&D Centre and a CRO facility.

Indoco Remedies consolidated revenue grew by 2.4% YoY to Rs 439.08 crore while the profit after tax declined by 14.6% YoY to Rs 22.03 crore.

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