Aurobindo Pharma shares advanced over 4 per cent on Tuesday after the pharma company announced that it has received USFDA approval for its epilepsy prevention drug Lacosamide
Aurobindo Pharma shares advanced over 4 per cent on Tuesday after the pharma company announced that it has received US Food & Drug Administration (USFDA) approval for its epilepsy prevention drug Lacosamide.
The approved product has an estimated market size of $782 million for the twelve months ending February 2016 according to IMS.
In a BSE filing, Aurobindo Pharma said, “The approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Vimpat Tablets, 50 mg, 100 mg, 150 mg and 200 mg of UCB, Inc.”
This is the 73rd ANDA (including 15 tentative approvals) to be approved out of Unit VII formulation facility in Hyderabad, India for manufacturing Oral Non-Antibiotic products. Aurobindo now has a total of 257 ANDA approvals (221 Final approvals including 11 from Aurolife Pharma LLC and 36 tentative approvals) from USFDA.
The share price of the company closed 4.19 per cent up at Rs 801.95.
Credit Suisse initated the coverage of Aurobindo Pharma stocks with ‘Outperform’ rating with target price of Rs 950.
(With agency inputs)