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      Alembic Pharma gets healthier after USFDA nod

      MoM Team / Mumbai, Jun 21, 2017 11:27 AM IST

        Alembic Pharma gets healthier after USFDA nod

        Alembic Pharmaceuticals rose 1.4 percent to Rs 530 on BSE after the company said that it has received US Food & Drug Administration approval for Candesartan Cilexetil Tablets 32mg.

        The announcement was made during market hours today, 21 June 2017.

        Meanwhile, the S&P BSE Sensex was down 86.54 points, or 0.28 percent to 31,210.99.

        On the BSE, 3,458 shares were traded in the counter so far, compared with average daily volumes of 56,242 shares in the past one quarter. The stock had hit a high of Rs 545 and a low of Rs 522 so far during the day.

        The stock had hit a 52-week high of Rs 709.30 on 23 March 2017. The stock had hit a 52-week low of Rs 517 on 15 June 2017.

        The stock had underperformed the market over the past one month till 20 June 2017, falling 12.88 percent compared with 2.73 percent rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 12.8 percent as against Sensex's 6.03 percent gains. The scrip had also underperformed the market in past one year, sliding 0.74 percent as against Sensex's 16.49 percent gains.

        The large-cap company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.

        Alembic Pharmaceuticals announced that the company has received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application for Candesartan Cilexetil Tablets, 32 mg.

        The approved ANDA is therapeutically equivalent to the reference listed drug product Atacand Tablets, 32 mg of AstraZeneca Pharmaceuticals LP. The drug is indicated in treatment of hypertension in adults and children and treatment of heart failure.

        Candesartan Cilexetil Tablets, 32 mg have an estimated market size of $27 million for twelve months ended December 2016, according to IMS.

        Alembic Pharmaceuticals' consolidated net profit rose 2.4 percent to Rs 93.04 crore on 18.3 percent rise in net sales to Rs 741.35 crore in Q4 March 2017 over Q4 March 2016.

        Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, manufactures and markets generic pharmaceutical products all over the world.

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