Shares of Morepen Laboratories surged nearly 18 per cent after the company said the US health regulator has given approval to sell Montelukast Sodium, used in managing asthma symptoms and seasonal allergies, in the US market.
The stock soared 17.42 per cent to Rs 29.65 - its 52-week high - on the BSE. On the NSE, shares of the company zoomed 17.89 per cent to touch a one-year high of Rs 29.65.
“The US Food and Drug Administration (USFDA) has cleared Montelukast Sodium, a bulk drug/API manufactured by Morepen Laboratories, for sale in the US market,” the company said in a regulatory filing today.
“This gives Morepen an entry into the Rs 2,000-crore (approximately $300 million) US market for Montelukast. The first commercial orders for the bulk drug are expected in the second quarter of the next financial year,” it added.
Morepen is the market leader for Montelukast in India with over 50 per cent market share, supplying to almost all major finished dosage manufacturers in India, it said.