Aurobindo Pharma shares over 3 per cent in the early trade on Monday on BSE after the company on August 29 said it has received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market Raloxifene Hydrochloride Tablets USP 60mg.
At 9.48 am, the scrip was trading 2.38 per cent higher at Rs 772.75. It opened at Rs 774.50 and had touched a high and low of Rs 779.70 and 767.65, respectively, in trade so far. The BSE Sensex was down around 0.52 per cent at 26,255.41.
On BSE, so far 43,000 shares were traded in the counter as against average daily volume of 2.33 lakh shares in the past two weeks. The stock had hit a 52-week low of Rs 382.50 on 24 September 2014. It hit 52-week high of Rs 832.50 on 20 August 2015.
Aurobindo Pharma said that the approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Evista Tablets 60mg of Eli Lilly.
Raloxifene Hydrochloride Tablets are indicated for treatment and prevention of osteoporosis in postmenopausal women. The product has an estimated market size of $404 million in the United States for the twelve months ended June 2015 according to IMS data.
For the quarter ended June 2015, the Hyderabad-based pharma company posted consolidated net profit figures of Rs 461.69 crore, up 4.20 per cent, against Rs 414.27 crore in the corresponding quarter a year ago.
The scrip pared all its initial gains in the last 30 minutes of the trade and closed 0.11 per cent lower at Rs 753.90.