Unichem Lab rises on USFDA nod for a generic drug
Unichem Laboratories has rallied 7% to Rs 208 after the company said it has received ANDA approval from the United States Food and Drug Administration (USFDA) for Divalproex Sodium Delayed Release Tablets.
Divalproex Sodium delayed release tablet is the generic version of Abbott Laboratories' Depakote. The drug is indicated for the treatment of manic episodes associated with bipolar disorder, migraine head aches and epileptic disorders. The drug has annual sales of approximately $590 million in the US, the company said in a filing to the stock exchanges.
The stock opened at Rs 195 and hit a high of Rs 225 on the NSE. The trading volumes on the counter jumped more than ten-fold with a combined 566,368 shares changing hands till 1103 hours, as against an average less than 50,000 shares traded daily in past two weeks.
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