Orchid Pharma gets final nod from USFDA for Parkinson's drug

CHENNAI: The shares of Chennai-based drugmaker Orchid Pharma Ltd have jumped over 13% in mid-day trade after the company announced its drug for Parkinson's Disease has been approved by the US Food and Drug Administration in what it says is a $300-million opportunity.

The Orchid Pharma stock is ruling at Rs 42.00 on the BSE and around Rs 41.95 in mid-day trade, though the stock is ruling much lower than its 52-week high of Rs 75.30. Today's surge was accompanied by a surge in volumes by 5.82 times.

As recent as June last year, Orchid got drug approvals from the US regulator for two other drugs -- Rivastigmine, for treatment of mild dementia, andFelodipine, used to control hypertension.

The recent addition to its line of USFDA-approved drugs is a generic formulation, but the company will enjoy an 180-day exclusivity in the US market as it is a first-to-file formulation. A note filed by the company with the stock exchanges say Rivastigmine is a drug of little generic competition in the US.