Orchid Chem up nearly 4% on new drug nod

Shares of Orchid Chemicals and Pharmaceuticals soared 3.94 per cent to Rs 83.05 after the company received approval for a new drug. The company has received approval from the US Food and Drug Administration for Levetiracetam tablets in multiple strengths.

The generic version of the drug is equivalent to UCB Inc’s Koppra tablet and is indicated for treating myclonic seizures in adults and adolescents. A total of 67,365 shares changed hands at the Bombay Stock Exchange. Shares touched a high of Rs 84.9 a share and a low of Rs 81 a share.

The company is engaged in manufacturing and selling pharmaceutical ingredients and finished dosage forms. The company also exports to Asia Pacific, West Asia, Europe, South and Central America, North America and Commonwealth of independent states (CIS).