Dishman Pharma hits all-time high on USFDA nod to cancer drug

Shares of Dishman Pharmaceuticals and Chemicals hit its record high and was locked in upper circuit on news reports that the company's partner Tesaro Inc received US Food and Drug Administration (FDA) nod for ovarian cancer drug Niraparib.

Reacting to the development, the stock rallied as much as 20% to Rs 278, its all-time high level, on the BSE.

So far nearly four lakh shares exchanged hands on the counter against its two-week average of over 1 lakh shares. 

Niraparib kills cancer cells by inhibiting production of proteins called PARPs, which help repair damaged DNA strands, reported Reuters.

"This drug has the potential to become very large given it is the first PARP inhibitor available as of now," told Research firm Dolat Capital to Reuters. 

"We expect revenues from this molecule to Dishman can be anywhere between $40 million-80 million," Dolat Capital added.

(With inputs from Reuters)