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Laurus Labs has received approval for its Metformin Hydrochloride tablets of 500 mg, 850 mg and 1,000 mg from the US Food and Drug Administration (USFDA).
Shares of Laurus Labs surged 5.8 per cent to Rs 464.34 in early trade. At about 10.40 am, the stock was quoting at Rs 445.50, up 1.55 per cent or Rs 6.80 on the BSE. On Tuesday, the stock had closed at Rs 438.70.
The Metformin tablets in the prescribed dosages are therapeutically equivalent to Glucophage tablets of 500, 850 and 1,000 mg strengths of Bristol Myers Squibb company.
The product and active pharmaceutical ingredient will be commercialised from the company’s Unit 2 located at the AP Special Economic Zone, Atchutapuram, Visakhapatnam.
LaurusLabs is a research and development driven pharmaceutical company. It’s products inlude APIs for anti-retrovirals and Hepatitis C. It also makes APIs in oncology and other therapeutic areas.
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