Pharma stocks hog the limelight post US FDA approvals

Pharma stocks are in focus today owing to approvals from the US FDA for their respective drug filings. Aurobindo Pharma, Novartis and Alkem Laboratories have received regulatory go ahead for their drugs.

Aurobindo Pharma has received US FDA approval for Clozapine oral tablets. This drug is used to treat severe schizophrenia or to reduce the risk of suicidal behaviour in people.

Swiss drug major Novartis  has received US FDA nod for Nateglinide oral tablets. Nateglinide is used to control high blood sugar, especially in type 2 diabetes cases.

In an important development, Alkem Laboratories has received tentative ANDA (Abbreviated New Drug Application) nod for Pregabalin oral capsules. Lyrica is the official market name of the drug. Pregabalin capsule is used to treat pain caused by nerve damage in people with diabetes.

Approval holds significance as Alkem has received tentative approval for Lyrica generic from Daman facility, the very same facility which had received 13 US FDA observations post inspection in September 2016. Daman unit contributes to around 30 per cent of Alkem's US sales, which was likely to take a hit ever since the observations were made regarding the manufacturing facility.

Off late Indian drug companies have started to receive faster clearance on their drug filing, which was not the case earlier.

CNX Pharma was trading with losses of 0.5 per cent at the time of writing this report.

Aurobindo , Novartis and Alkem Labs were trading at Rs 730.65 (down 1.76 %), Rs 703.05 (up 0.1 %) and Rs 1681 (up 0.15 %) respectively.