Jubilant Life Sciences shares gained as much as 4 per cent on Tuesday after the company announced that it has received approval from the US health regulator for its generic version of Merck’s acute migraine treatment medicine, Maxalt-MLT.
At 1.45 pm, the scrip was trading 1.08 per cent up at Rs 392.50. The share price of the company opened at Rs 391 and had touched a high and low of Rs 404.05 and Rs 384.10, respectively, in trade so far. Sensex was down 27 points at 27,337.
Later, the scrip closed 0.19 per cent up at Rs 389.05.
The company has received Abbreviated New Drug Application (ANDA) final approval from the US Food and Drug Administration (USFDA) for Rizatriptan Benzoate orally-disintegrating tablets, 5 mg and 10 mg, the company said in a BSE filing.
The medicine is the generic version of Maxalt-MLT orally-disintegrating, 5 mg and 10 mg tablets of Merck, which is indicated for the acute treatment of migraine in adults and paediatric patients, it added.
As of June 30, 2015, Jubilant Life Sciences had a total of 815 filings for formulations, of which 389 have been approved in various regions globally. This includes 72 ANDAs filed in the US, of which 38 have been approved and 46 Dossier filings in Europe, the company said.
In the past one year the share price of the company jumped 156.64 per cent to Rs 388.30 on October 19. Sensex gained 3.54 per cent during the same period.
For the quarter ended June 2015, the company posted a consolidated net profit of Rs 128.06 crore, up 2,579 per cent, against Rs 4.78 crore in the corresponding quarter a year ago.