AstraZeneca Pharma jumps 20% on diabetes drug launch

Shares of AstraZeneca Pharma surged 20% on the bourses after the company said it has launched diabetes drug Forxiga in the country. 

Reacting to the development, shares of the company opened on a bullish note at Rs 962.10 and then surged 20% and were locked at upper circuit limit of Rs 1,147.70 on BSE. 

Similarly, on National Stock Exchange, the stock jumped 20% to Rs 1,145.50 -- its upper circuit limit. 

The surge in the counter assumes significance as the broader market was trading in the negative territory at 26,535.21, down 305.29 points. 

The new drug Forxiga offers a new treatment approach for patients by improving glycaemic control with added benefits of weight loss and blood pressure reduction, AstraZeneca said in a filing to BSE. 

AstraZeneca Pharma Managing Director Sanjay Murdeshwar said the drug would offer an additional treatment option to over 63 million diabetes mellitus patients in India. 

"Forxiga represents a significant advancement in the treatment of Type 2 diabetes mellitus with global safety and efficacy data of four years," he said. 

AstraZeneca had received the approval of Drug Controller General of India for the drug in February and it is approved in 40 countries, it said.