Suven Life Sciences jumped 5.57% to Rs 78.60 at 11:44 IST on BSE after the company said its facility in Pashamylaram near Hyderabad received approval from the US Food and Drug Administration.
The company made the announcement during trading hours today, 22 January 2014.
Meanwhile, the BSE Sensex was up 22.85 points, or 0.11%, to 21,273.97.
On BSE, so far 6.03 lakh shares were traded in the counter, compared with an average volume of 4.33 lakh shares in the past one quarter.
The stock hit a high of Rs 80.25 and a low of Rs 74.25 so far during the day. The stock hit a record high of Rs 83.40 on 12 November 2013. The stock hit a 52-week low of Rs 22 on 4 March 2013.
The stock had underperformed the market over the past one month till 21 January 2014, falling 5.16% compared with the Sensex's 0.81% rise. The scrip had, however, outperformed the market in past one quarter, rising 34.63% as against Sensex's 1.71% rise.
The small-cap company has an equity capital of Rs 11.68 crore. Face value per share is Re 1.
Suven Life Sciences said it underwent US Food and Drug Administration (USFDA) renewal inspection at its facility in Pashamylaram near Hyderabad for the manufacture and supply of active pharmaceutical ingredients (bulk drugs), intermediates and formulations under cGMP.
Based on the inspection and the review thereafter, USFDA has classified the Pashamylaram facility as acceptable for manufacture and supply of active pharmaceutical ingredients, intermediates and formulations, the company said in a statement.
So far, Suven Life Sciences has filed 29 Drug Master Files (DMFs) and 1 Abbreviated New Drug Application (ANDA) from this facility, which is FDA complaint under current good manufacturing practices (cGMP) and continued after renewal inspection.
Suven Life Sciences' net profit galloped 601.8% to Rs 45.55 crore on 201.3% growth in net sales to Rs 151.41 crore in Q2 September 2013 over Q2 September 2012.
Hyderabad-based Suven Life Sciences is a pioneer in Contract Research and Manufacturing Services (CRAMS) since 1995 and Drug Discovery and Development Support Services (DDDSS) since 2005, a Collaborative Research Partner (CRP) in Drug Discovery for a global Pharma major since 2006 and has in house program for discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets. The Company has twelve (12) internally-discovered therapeutic drug candidates currently in pre-clinical stage of development targeting conditions such as ADHD, dementia, depression, Huntington's disease, Parkinson's disease and obesity in addition to developmental candidate SUVN-502 for Alzheimer's disease and Schizophrenia.
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