Aurobindo Pharma gains after USFDA nod

Aurobindo Pharma has gained after receiving final approval from USFDA to manufacture and market Amoxicilin

Aurobindo Pharma has risen by over 1% at Rs 865 after the company received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Amoxicilin for oral suspension.

This Abbreviated New Drug Application (ANDA) was approved out of unit 12, semi-synthetic Penicillin facility in Hyderabad, the company said in a press release. The product has a market size of $ 19 million for the twelve month period ending July 2014, it said quoting the IMS data.

The stock hit a high of Rs 880 and a low of Rs 871.25 so far during the day. On BSE, so far 19,000 shares were traded in the counter, compared with an average volume of 1.61 lakh shares in the past one quarter.