Ajanta Pharma surges 2% on USFDA nod

NEW DELHI: Shares of pharmaceutical company, Ajanta Pharma, jumped as much as 2.03 per cent in trade on Tuesday after the company got approval from the United States Food and Drug Administration (USFDA) to sell Memantine Hydrochloride in US market.

The firm, in a statement, said that the company has launched the drug in two strengths of 5mg and 10 mg tablets to address different level of treatment after the approval from USFDA. Memantine Hydrochloride is used to treat Alzheimer the drug belongs to a group of medicines known as anti-dementia medicines.

The company further stated that it got 10 final approvals and 2 tentative approvals for its Abbreviated New Drug Application (ANDA) from the USFDA. Another 14 ANDAs are pending approval from the Food and Drug Administration.

Reacting to the development, the stocks surged up to 31.75 points to reach an intra-day high of 1,593.00 on BSE.