The announcement was made after market hours on Friday, 22 November 2019.Unichem Laboratories announced that it has received ANDA (abbreviated new drug application) approval for its Atenolol tablets (25/50/100 mg) from United States Food and Drug Administration (USFDA).
The drug is generic version of Tenormin tablets of Alvogen Malta Operations and is used for the treatment of hypertension, to lower blood pressure. The product will be commercialized from Unichem's Ghaziabad plant.
Unichem Laboratories closed 0.97% lower at Rs 152.70 on Friday. The stock dropped 18.86% in last one month compared to a 4.14% rise in the Nifty Pharma index.
The stock came under selling pressure since the company declared dismal Q2 results on 2 November 2019. On a consolidated basis, Unichem Laboratories reported net loss of Rs 22.21 crore in Q2 September 2019 as against net loss of Rs 41.03 crore in Q2 September 2018. Net sales rose 13.20% to Rs 295.61 crore in Q2 September 2019 over Q2 September 2018.
The stock hit a 52-week low of Rs 141.75 on 15 November 2019.
Unichem Laboratories is an international, integrated, specialty pharmaceutical company.
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