 "Panacea Biotec zooms 18% on USFDA approval for migraine drug")
Panacea Biotec has zoomed 18% to Rs 149, also its 52-week high on the National Stock Exchange (NSE) in noon deal after the pharmaceutical company announced that it has receive the US regulator’s approval for making a migraine drug.
“The US Food and Drug Administration (USFDA) has granted approval for the company’s Abbreviated New Drug Application (ANDA) to market a generic version of Rizatriptan Benzoate tablet, orally disintegrating 5 mg and 10 mg,” Panacea Biotec said in a release.
Rizatriptan Benzoate is a serotonin (5-HT) 1B/1D receptor against (triptan) indicated for the acute treatment of migraine in adults and in pediatric patients.
This generic is equivalent to MAXALT-MLT ODT of Merck & Co. The current annual sales for Rizatriptan Benzoate tablet, orally disintegrating 5 mg and 10 mg in the US market is approximately $ 60 million, it added.
The company plans to launch the product within first quarter of 2017 through its distribution partner in US.
Panacea Biotec recently got approval of its anti-cancer formulation facility from USFDA in November, 2016.
At 01:56 pm; the stock was up 15% at Rs 146 on the NSE on back of heavy volumes. A combined 1.72 million shares changed hands on the counter on the NSE and BSE so far.
“The US Food and Drug Administration (USFDA) has granted approval for the company’s Abbreviated New Drug Application (ANDA) to market a generic version of Rizatriptan Benzoate tablet, orally disintegrating 5 mg and 10 mg,” Panacea Biotec said in a release.
Rizatriptan Benzoate is a serotonin (5-HT) 1B/1D receptor against (triptan) indicated for the acute treatment of migraine in adults and in pediatric patients.
This generic is equivalent to MAXALT-MLT ODT of Merck & Co. The current annual sales for Rizatriptan Benzoate tablet, orally disintegrating 5 mg and 10 mg in the US market is approximately $ 60 million, it added.
The company plans to launch the product within first quarter of 2017 through its distribution partner in US.
Panacea Biotec recently got approval of its anti-cancer formulation facility from USFDA in November, 2016.
At 01:56 pm; the stock was up 15% at Rs 146 on the NSE on back of heavy volumes. A combined 1.72 million shares changed hands on the counter on the NSE and BSE so far.
