Alembic Pharma surges over 15 pc after USFDA nod for drug

MUMBAI: Shares of Alembic Pharmaceuticals today gained over 15 per cent as the company received approval from the USFDA for Desvenlafaxine base extended release tablets used for treating major depressive disorder.

After surging nearly 18 per cent to intra-day high of Rs 94.45, the stock finally ended at Rs 92.20, up 15.18 per cent on the BSE.

At NSE, the scrip closed 14.84 per cent higher at Rs 92.10.

The company has entered into an agreement with Ranbaxy to market the product in the American market.

It has received approval from the US Food and Drug Administration (USFDA) for Desvenlafaxine base extended release tablets, Alembic Pharmaceuticals said in a BSE filing.

The company has entered into an out-licensing agreement with Ranbaxy Pharmaceuticals Inc, a wholly-owned subsidiary of Ranbaxy for exclusively marketing the product in US.

"The product will be available in 50 mg and 100 mg dosage strengths. The parties will launch the product immediately," Alembic Pharmaceuticals said.

In the broader market, the BSE benchmark Sensex ended 265.21 points higher at 19,143.17.