Neuland Lab zooms 14% after Tera gets USFDA approval
DSIJ Intelligence / 31 Aug 2017
Neuland Laboratories shares jumped nearly 14 per cent intraday on Thursday touching Rs 1425 after Teva Pharmaceutical received approval from US Food & Drug Administration for Austedo drug.
Neuland Laboratories shares jumped nearly 14 per cent intraday on Thursday touching Rs 1425 after Teva Pharmaceutical received approval from US Food & Drug Administration for Austedo drug.
Neuland Laboratories is expected to be the API supplier for Austedo drug to Teva Pharmaceutical.
The drug is used for the treatment of Tardive Dyskinesia in adults. According to Medscape, Tardive Dyskinesia is a debilitating and often irreversible movement disorder characterized by repetitive and uncontrollable movements of the tongue, lips, face, trunk, and extremities.
Market size for the drug is estimated to be USD 800 million at peak and it is believed that Neuland can make up to USD 20 million from the drug.
At 11:50 hours IST, Neuland Laboratories Ltd was trading at Rs 1304, up by Rs 54.10 or 4.33% from its previous closing price of Rs 1249.90 on BSE. The scrip opened at Rs 1312 and touched a high and low of Rs 1423.65 and Rs 1279.30 respectively. The current market cap of the company is Rs 1158.51 crore.
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