Ajanta Pharma shares up 4%, Alkem Labs up 5% on USFDA nod
While Ajanta Pharma received a nod from the US regulator for its migraine tablets, Alkem Labs received an establishment nod for its Gujarat plant.
Shares of Ajanta Pharma rose nearly 4% on Tuesday after the company received a final approval for its generic version of acute migraine pain relief drug almotriptan malate tablets from the US health regulator. Alkem Labs, on the other hand, also saw its share price spike up after the company received an establishment nod from USFDA for its Gujarat plant.
Ajanta Pharma's stock went up 3.69% to Rs 1,448.80 on BSE intraday, while on the NSE, it surged 3.81% to Rs 1,450.
At 1324 hours, the company's stock was down from the day's high and was trading at Rs 1,423 per share, up 1.85% or Rs 25.80 from previous day's close.
The approval by the US Food and Drug Administration (USFDA) is for multiple strengths of 6.25mg and 12.5mg of the generic version of Janssen Pharmaceuticals' Axert tablets, Ajanta Pharma said in a BSE filing.
Ajanta Pharma USA Inc, a wholly-owned subsidiary of the company, is scheduled to launch the almotriptan malate tablets in the US shortly, it said. Almotriptan tablets are a part of an "ever-growing portfolio" that the company has developed for the US market, the company added.
The stock price of Alkem Labs went up to climbed 4.91% to Rs 1,377.75 on BSE. On NSE, it soared 5.16% to Rs 1,379.
The company said that it has successfully received the Establishment Inspection Report from USFDA. The plant manufactures Active Pharmaceutical Ingredients (APIs) and was inspected by the USFDA in September 2015.
At 1314 hours, the shares of Alkem Labs were trading at Rs 1,347, up Rs 33.75 or 2.57% from previous day's close.