Strides Arcolab extends gain on USFDA nod for cancer injection

Strides Arcolab is trading higher by 4% at Rs 681, extending its yesterday’s 3.3% gain after the pharmaceutical firm said it has received approval from the US health regulator to sell generic version of Cisplatin injection used in cancer treatment in the American market.

“Onco Therapies Ltd a wholly-owned subsidiary of Strides Arcolab Ltd has received approval form the US Food and Drug Administration (USFDA) for Cisplatin Injection," Strides Arcolab said in a statement.

“The drug is amongst the products in the drug shortage list of USFDA. According to IMS data, the US market for generic Cisplatin is approximately $10 million," it added.

The stock is currently trading at its lifetime high have seen 108,300 equity shares changing hands on the counter so far on both the exchanges.