Orchid Pharma shares surged over 11 per cent on Thursday after the company announced that it has received final approval from the USFDA for its ANDA (Abbreviated New Drug Application) for Rasagiline Tables 0.5 mg and 1 mg. The product is a FTF (First-to-file) application with a shared 180-day exclusivity for Orchid.
Shares of Orchid Pharma closed the day 11.38 per cent up at Rs 41.60. The scrip opened at Rs 38.30 and touched a high and low of Rs 42.70 and Rs 37.40, respectively, in trade. Sensex settled 5.11 points, or 0.02 per cent, down at 24,677.37.
The company expects to launch this product in the last quarter of FY17. Rasagiline Mesylate Tables are indicated for the treatment of the signs and symptoms of idiopathic Parkinson’s disease.
In a BSE filing, the company said, “With a market size of over $300 million and limited generic competition, Orchid hopes to garner a decent market share from this product launch.”
For the quarter ended December 2015, Orchid Pharma reported net loss of Rs 94.02 crore against net loss of Rs 120.09 crore in the corresponding quarter a year ago.