Cadila Healthcare soars over 4% post USFDA drug nod

Cadila Healthcare climbed over 4 per cent on Monday after the company received final approval from the USFDA to market a drug used to treat chest pain, high blood pressure and heart failure.

The stock rose 5 per cent to hit a high of Rs 389.50 on the BSE, evetually closing at Rs 387.65, up 4.78 per cent.

In a filing to the exchange, the company said it has got the regulator’s approval to market Metoprolol Succinate Extended release tablets in the strengths of 25 mg, 50 mg, 100 mg and 200 mg.


The company said it will be manufactured at the group’s formulations manufacturing facility at Ahmedabad SEZ.

Meanwhile, foreign brokerage CLSA has upgraded Cadila Healthcare to ‘buy’ from ‘underperform’ and raised target price to Rs 450 from the earlier Rs 440.

The brokerage said it is upgrading the stock due to attractive valuations. A strong US pipeline despite a high base, and improving India and EM outlook led by biosimilar and vaccines launches are seen as key potential earnings drivers for Cadila.