Cadila Healthcare advances over 2% after USFDA nod for sclerosis drug

NEW DELHI: Shares of Cadila Healthcare advanced on Monday after the company on Friday announced that it has received the tentative approval from the United States Food and Drug Administration ( USFDA) to market Fingolimod Capsules.

The drug is an immunomodulating drug, mostly used for treating multiple sclerosis and will be produced at the group's formulations manufacturing facility at the Pharma SEZ, in Ahmedabad.

The scrip was trading 2.65 per cent up at Rs 544.20 around 9.20 am (IST). Shares of the company opened at Rs 539.40 and touched an intraday high and low of Rs 545.75 and Rs 533.15, respectively. The stock eventually closed at Rs 536.30, up 1.16 per cent.

The sales of Fingolimod Capsules is estimated at $2.1 billion as per IMS Health data.

On the BSE, 1.97 lakh shares were traded on the counter so far as against the average daily volumes of 89,000 shares in the past two weeks.

The stock had scaled its record high of Rs 558 on June 12, 2017 and a 52-week low of Rs 329.95 on December 26, 2016.

The group now has more than 120 approvals and has so far filed over 300 abbreviated new drug applications (ANDAs) since the commencement of the filing process in FY 2003-04.