Cadila Healthcare Ltd shares have climbed nearly 35% in the last three trading sessions as the pharmaceutical company won a final approval from the US health regulator for its new schizophrenia drug.
Cadila Healthcare shares shot up as much as 15% in early session on Wednesday, topping up the 15% and 5% gain seen in the previous two sessions. At 9:33 am, the stock was trading at Rs 351.45, up 12.5%.
On Tuesday, Zydus Cadila announced that it has received final approval from the US Food and Drug Administration (USFDA) to market Perphenazine Tablets USP in the strengths of 2 mg, 4 mg, 8 mg and 16 mg.
The company said this medication is indicated for the treatment of schizophrenia and for the control of severe nausea and vomiting in adults. The new drug will be manufactured at the group’s formulation manufacturing facility at Baddi.
The approval comes right after Zydus Cadila Healthcare received a go-ahead last week from USFDA to market Lamotrigine extended-release tablets USP in multiple strengths of 25 mg, 50 mg, 100 mg, 200 mg, 250 mg, and 300 mg. This drug is indicated for treating certain types of seizures and would will be manufactured at the group manufacturing facility in Ahmedabad.
The group now has 284 approvals and has so far filed over 386 abbreviated new drug applications (ANDAs) since the commencement of its filing process, the company said on Tuesday.
The Cadila Healthcare stock also got a boost after India allowed the export of hydroxychloroquine on Tuesday following pressure by US President Donald Trump. Cadila Healthcare is one of the biggest manufacturers of the drug in the country.
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