Shares of Wockhardt rallied over 3 percent on Thursday after the pharma company said it has received approval from the United States Food and Drug Administration (USFDA) for Decitabine injection.
At 01:00 PM, the stock surged about 2 percent at Rs 450.50 per share on the NSE. Intraday, Wockhardt shares rose as much as 3.48 percent to Rs 457.50 per share.
On Wednesday, the company received approval from the US FDA for its 50 mg Decitabine injection which is used to treat certain forms of cancer.
“Decitabine is used to treat Myelodysplastic syndromes (MDS), a group of cancers in which immature blood cells in the bone marrow do not mature and therefore do not become healthy blood cells,” said Wockhardt in a press release.
According to IQVIA February 2019 data, the product has sales of $120 million in the US, it added.
"This is the third US FDA approval for an oncology product for Wockhardt during the past three months, and has added to our growing portfolio of cancer drugs" said Dr. FHabil Khorakiwala, Founder Chairman, Wockhardt Group.
"Wockhardt has been sustaining growth in the US and worldwide through an increasing portfolio of specialty products including oncology drugs" he said.
Wockhardt will be launching this product in the United States, in a short period of time. The product is being manufactured at a contract manufacturing facility, based near Hyderabad, India.
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