Jubilant Life surges after approval for key drug

Reuters Market Eye - Shares in Jubilant Life Sciences surge 7.5 percent after the company said it got approval from the U.S. drug regulators for a generic version of AstraZeneca Plc's Seroquel drug, used for the treatment of schizophrenia and bipolar disorder.

The company says the current total market size for the drug is $59 million per year, citing estimates by healthcare information provider IMS Health, and says it expects to launch this product in the fourth quarter of fiscal 2013/14.

(Reporting by Abhishek Vishnoi)