Stocks

Orchid Chem shares rally over 17%

PTI Mumbai | Updated on January 24, 2018

Shares of Orchid Chemicals & Pharmaceuticals zoomed over 17 per cent today as the drug firm has received approval from the US health regulator for generic anti-bacterial Gemifloxacin Mesylate tablets.

Cheering the news, the stock soared 16.31 per cent to Rs 57.40 on the BSE. On the NSE, the scrip surged 17.15 per cent to Rs 57.70.

The company had received approval from the United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Gemifloxacin Mesylate tablets in the strength of 320 mg, Orchid Chemicals & Pharmaceuticals had said in a filing to the BSE yesterday.

The approval is with 180 days of generic drug exclusivity, it added.

Chennai-based Orchid Chemicals & Pharmaceuticals is present in segments like anti-infective, anti-inflammatory, central nervous system (CNS), cardio vascular segment (CVS), nutraceuticals and other oral and sterile products.

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Published on June 18, 2015
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