Alembic soars 18% on nod for depression treatment drug

Shares of Alembic Pharmaceuticals touched a 52-week high of Rs 94.45 (up 18 percent over previous day's price) on Tuesday after the company received approval from the US FDA for its NDA-Desvenlafaxine base extended release tablets.

March 05, 2013 / 14:33 IST

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Shares of Alembic Pharmaceuticals touched a 52-week high of Rs 94.45 (up 18 percent over previous day's price) on Tuesday after the company received approval from the US FDA for its Desvenlafaxine base extended release tablets.

NDA-Desvenlafaxine is a bioequivalent version of innovator drug, Pristiq by Pfizer.

According to a release sent to exchanges, the current market size for Pristiq is approximately USD 538 million, based on industry sales data.

Meanwhile, Alembic Pharma is the sponsor and manufacturer of the NDA. Desvenlafaxine base extended release tablets, which is indicated for the treatment of major depressive disorder, is company's first 505 (b)(2) filing.

Alembic entered into an out-licensing arrangement with Ranbaxy Labs Inc for exclusively marketing the product in the USA.

At 14:00 hours IST, shares jumped 16.43 percent to Rs 93.20 amid large volumes on Bombay Stock Exchange.

first published: Mar 5, 2013 02:17 pm

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