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Neuland Laboratories shares rallied nearly 14 percent intraday Thursday after Teva Pharmaceuticals has received approval from US Food & Drug Administration for Austedo drug.
The company is expected to be the API supplier for this particular drug to Teva.
The drug is used for the treatment of tardive dyskinesia in adults.
Tardive dyskinesia is a debilitating and often irreversible movement disorder characterised by repetitive and uncontrollable movements of the tongue, lips, face, trunk, and extremities, according to Medscape.
This is the second indication that Teva has got approval for the same drug.
Austedo was earlier approved for treatment of chorea associated with Huntington’s disease in April 2017.
Market size for this drug is estimated at around USD 800 million at peak, analysts said, adding Neuland can make USD 20 million with high margins from the drug.
At 10:43 hours IST, the stock price was quoting at Rs 1,298.00, up Rs 48.10, or 3.85 percent on the BSE.
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