Aurobindo Pharma jumps after its arm receives USFDA approval
Today, the stock opened at Rs 419.10 and has touched a high and low of Rs 438.75 and Rs 415.35 respectively.
At 2 pm, the shares of Aurobindo Pharma were trading at Rs 434.70, up by 16.05 points or 3.83% from its previous closing of Rs. 418.65 on the BSE.
Treatment of knee pain
Aurobindo Pharma’s step-down subsidiary, Aurolife Pharma LLC has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Diclofenac Sodium Topical Solution USP, 2% w/w, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Pennsaid Topical Solution, 2% w/w of Horizon Therapeutics Ireland DAC (Horizon). The product is expected to be launched in Q1FY24.
According to IQVIA, the approved product has a market size of around USD 487 million for the twelve months ending December 2022. This is the first ANDA approved from the Aurolife Unit-II in North Carolina, USA, which is used to manufacture topical products. Aurobindo now has 430 ANDA approvals from the USFDA (404 final approvals and 26 tentative approvals).
Diclofenac Sodium Topical Solution USP, 2% w/w is indicated for the treatment of the pain of osteoarthritis of the knee(s).
Stock price movement
The BSE group 'A' stock of face value of Rs 1 has a 52-week high and low of Rs 730.00 and Rs. 397.30, respectively. Last one week high and low of the scrip stood at Rs 424.15 and Rs 397.30 respectively. The current market cap of the company is Rs 25,441.45 crore.
The promoters holding in the company stood at 51.83%, while Institutions and Non-Institutions held 37.21% and 10.96% respectively.
About the company
Aurobindo Pharma is a pharmaceutical manufacturing company. It provides astemizole, domeperidone, and omeprazole as active pharmaceutical ingredients, intermediates, and generic formulations; anti-infective, oral, and sterile antibiotics, pain management, and osteoporosis segments.
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