Here's why Concord Biotech shares gained 5% in trade on April 9; details

The uptick in Concord Biotech share price came after the company was granted final approval from the USFDA for marketing its Teriflunomide Tablets, 7 mg and 14 mg

Concord Biotech share price: Pharmaceutical company Concord Biotech shares were in demand, with the stock rising up to 4.51 per cent to hit an intraday high of Rs 1,669.95 per share. 

 

However, at 9:34 AM, Concord Biotech shares were off day’s high, and were trading 2.97 per cent higher at Rs 1,645.20. In comparison, BSE Sensex was trading 0.40 per cent lower at 73,928.02 levels.

 

The uptick in Concord Biotech share price came after the company was granted final approval from the United States Food and Drug Administration (USFDA) for marketing its Teriflunomide Tablets, 7 mg and 14 mg. 

 

 

Teriflunomide tablets are used for the treatment of patients with relapsing forms of multiple sclerosis. 

 

According to IQVIATM, the market size of Teriflunomide tablets is about $402 million in the US, and the global market size is approximately $908 million, indicating major opportunities for expansion in the US and the global market. 

 

“The approval reinforces our capability in successfully developing and commercialising a differentiated product portfolio for the US market,” Concord Biotech said, in a statement.  ALSO READ | Stock Market LIVE Updates: Sensex down 200 pts at 74,000 ahead of RBI policy

 

About Concord Biotech

 

Concord Biotech, founded in 2000, is a research-driven biopharmaceutical company specialising in the production of Active Pharmaceutical Ingredients (APIs) through fermentation and semi-synthetic processes, along with finished formulations. 

 

Initially a single-product entity, Concord has evolved into a comprehensive solutions provider, offering a broad range of products across various therapeutic segments. The company has established a global presence, distributing its products in over 70 countries, including key markets like the USA, Europe, Japan, and Latin America, while also maintaining a major footprint in India. 

 

Through strategic partnerships with leading global pharmaceutical firms, Concord continues to expand its reach and product offerings in both APIs and finished formulations.

 

Concord operates state-of-the-art manufacturing facilities in India, with three key sites located near Ahmedabad, Gujarat.   ALSO READ | TCS Q4 Preview: IT major to post muted revenue growth, margin gains likely

 

The Dholka facility, established in 2000, focuses on API production and has earned numerous regulatory certifications, including from USFDA, EUGMP, and PMDA. 

 

The Valthera facility, launched in 2016, manufactures a wide range of oral solids and liquids, with plans to expand into injectable formulations. 

 

The newest addition, the Limbasi facility, established in 2021, is dedicated to API production, with advanced capabilities in fermentation and downstream processing. 

 

The market capitalisation of Concord Biotech is Rs 17,167 crore, according to BSE. The company falls under the BSE 500 category.