Shares in India's Jubilant Life Sciences Ltd surge 7.5 percent after the company said it got approval from the US drug regulators for a generic version of AstraZeneca Plc's Seroquel drug, used for the treatment of schizophrenia and bipolar disorder.
Jubilant Life Sciences Ltd says the current total market size for the drug is $59 million per year, citing estimates by healthcare information provider IMS Health, and says it expects to launch this product in the fourth quarter of fiscal 2013/14.
Jubilant receives FDA approval for antipsychotic drug
(PTI) Jubilant Life Sciences Ltd on Thursday said it has received approval from the US health regulator to market generic version AstraZeneca's Seroquel used for the treatment of schizophrenia and acute manic episodes associated with bipolar disorder.
The abbreviated new drug applications (ANDAs) approval from the US Food and Drug Administration is for Quetiapine Fumarate tablet, generic version AstraZeneca's Seroquel is in strength of 25 mg (base).
"We expect to launch this product in Q4 FY14," the company said in a statement.
Quoting IMS data, the company said the current total market size for this product USD 59 million per annum.
As on September 30, 2013, Jubilant Life Sciences had a total of 676 filings for formulations of which 218 have been approved in various regions of the world. This includes 58 ANDAs filed in the US and 48 Dossier filings in Europe.
Shares of Jubilant Life Sciences closed on Thursday at Rs 126.75 apiece, down 0.63 per cent from their previous close on the BSE.