Jubilant Life surges nearly 10% after approval for key drug

Shares in Jubilant Life Sciences Ltd surged nearly 10 per cent in trade today after the company said it got approval from the US drug regulators for a generic version of AstraZeneca Plc's Seroquel drug, used for the treatment of schizophrenia and bipolar disorder.

The company said the current total market size for the drug is $59 million per year, citing estimates by healthcare information provider IMS Health, and said it expects to launch this product in the fourth quarter of fiscal 2013/14.

Shares of Jubilant Life Sciences settled at Rs 139.15, up 9.78 per cent from its previous close on the BSE. During the day, the scrip shot-up by 9.98 per cent to Rs 139.40 .

At the NSE, the stock closed 8.93 per cent higher at Rs 138.50.
The abbreviated new drug applications (ANDAs) approval from the US Food and Drug Administration is for Quetiapine Fumarate tablet, generic version AstraZeneca's Seroquel is in strength of 25 mg (base).

"We expect to launch this product in Q4 FY14," the company said in a statement.

Quoting IMS data, the company said the current total market size for this product USD 59 million per annum.

As on September 30, 2013, Jubilant Life Sciences had a total of 676 filings for formulations of which 218 have been approved in various regions of the world. This includes 58 ANDAs filed in the US and 48 Dossier filings in Europe.