Shares of Morepen Laboratories rose 7 percent in the early trade on Monday as company received USFDA approval for its Baddi facility at Himachal Pradesh.
The company has received USFDA (United States Food and Drug Administration) approvals for both its bulk drugs manufacturing facilities situated in Himachal Pradesh.
While the Baddi facility has got USFDA approval for the manufacture of bulk drug Atorvastatin Calcium, a Cholesterol reducing drug, the Masulkhana facility has recently got the nod for manufacturing an anti-asthma bulk drug Montelukast Sodium for export to the US market.
The two APIs collectively contributes around Rs 150 crore annual revenue to the company's topline and constitutes 44 percent of the company's total API business.
Sushil Suri, Chairman and Managing Director of Morepen Laboratories said, "With this development in place, the company is set to expand its foothold in the combined Rs 7,000 crore US market for Atorvastatin and Montelukast."
"The two APIs will also strengthen company's existing APIs portfolio comprising Loratadine and Desloratadine in the US market," he said.
The meeting of the board of directors of the company is scheduled on August 13, 2018 to consider and approve the unaudited financial results of the company for the quarter ended June 30, 2018.
At 09:33 hrs Morepen Laboratories was quoting at Rs 33.50, up Rs 1.65, or 5.18 percent on the BSE.
In the last nine months, share price has increased by 101 percent.
Posted by Rakesh PatilDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
