Cipla shares gain 5% after USFDA okays capsules; m-cap rises by Rs 3,021 cr

Shares of drug firm Cipla on Friday gained over 5 per cent after the company said it has received the final approval from the US health regulator for Dimethyl Fumarate capsules.

The stock jumped 5.10 per cent to close at Rs 770.20 on the BSE. During the day, it rose by 5.97 per cent to Rs 776.60.

On the NSE, it gained 4.99 per cent to settle at Rs 770.10.

The company's market valuation also rose by Rs 3,021.11 crore to Rs 62,104.11 crore.

The newly approved product is a generic therapeutic equivalent version of Biogen IDEC Inc's Tecfidera.

Cipla has received final approval for its abbreviated new drug application (ANDA) for Dimethyl Fumarate DR (delayed release) capsules in the strengths of 120mg, 240mg and 120mg and 240mg from the United States Food and Drug Administration (USFDA), the company said in a regulatory filing.

The capsule is indicated for the treatment of relapsing forms of multiple sclerosis.