Wockhardt jumps up on USFDA nod

DALAL STREET SPIKES

Wockhardt stock went up at the BSE after the Mumbai-based domestic drug firm received approval from the US Food & Drug Administration (USFDA) for marketing cefuroxime axetil in the US market.

The scrip went up to Rs 455.45 from yesterday's close of Rs 440.40. The USFDA has given a six month exclusive marketing right to the firm. The company's US subsidiary, Wockhardt USA, is expected to launch the product, which has an estimated $58 million market.

"Our US formulation business grew by over 150 per cent in the first half of 2005 and we have another 12 applications pending with the USFDA," Habil Khorakiwala, company chairman, was quoted at BSE.