Cadila Healthcare surges on USFDA approval of antipsychotic drug

NEW DELHI: Shares of Cadila Healthcare surged over 7 per cent on Thursday after subsidiary Zydus Cadila on Wednesday, received USFDA's approval to market antipsychotic drug, Ziprasidone.

Following the development, the stock advanced 4.62 per cent to Rs 483.85 on BSE. It opened at Rs 465.85 and touched an intraday high and low of Rs 503.90 and Rs 465.75 respectively, in the first hour of trade. The scrip settled the day at Rs 494.95, up 7.02 per cent.

In a filing to BSE, the company said that the drug will be manufactured at the group's formulation manufacturing facility at the Pharma SEZ, Ahemadabad.

"The group now has more than 140 approvals and has so far filed 300 ANDAs since 2003-04," it added.

Global brokerag house, Credit Suisse maintained 'Outperform' rating on the Pharma major with a target price of Rs 540 per share.

Promoters held 74.79 per cent stake in the company as of June 2017.

For the quarter ended June 30, 2017, Cadila Healthcare reported total revenue at 1,055.40 crore and its net profit stood at 91.40 crore.

The scrip touched its fresh 52-week high of Rs 558 on June, 12, 2017 and its 52-week low of Rs 329.95 on December 26, 2016.