Marksans Pharma share price soared as much as 13 per cent on Monday after the company informed bourses that it has received approval from the US health regulator for its Metformin Hydrochloride tablets, used for treatment of diabetes, in the American market.
At 2.47 pm, shares of Marksans Pharma were trading 10.71 per cent up at Rs 50.65. The scrip opened at Rs 45.85 and has touched a high and low of Rs 51.70 and Rs 45.20, respectively, in trade so far.
Later, the scrip closed 9.84 per cent up at Rs 50.25.
The company has been granted the US Food and Drug Administration (USFDA) approval for Metformin Hydrochloride extended release tablets in the strengths of 500 mg and 750 mg, Marksans Pharma said in a BSE filing on Monday.
The product is generic version of Bristol Meyers Squibb’s Glucophage XR extended release tablets in the same strengths, it added.
“The annual sale of the product is approximately $230 million,” Marksans Pharma said.