Indoco Remedies surges on receiving approval for Febuxostat Tablets

Indoco Remedies is currently trading at Rs. 195.25, up by 2.85 points or 1.48% from its previous closing of Rs. 192.40 on the BSE.

The scrip opened at Rs. 196.00 and has touched a high and low of Rs. 197.15 and Rs. 189.70 respectively. So far 6130 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 230.50 on 16-Jan-2019 and a 52 week low of Rs. 133.10 on 11-Oct-2019.

Last one week high and low of the scrip stood at Rs. 197.15 and Rs. 170.15 respectively. The current market cap of the company is Rs. 1762.84 crore.

The promoters holding in the company stood at 58.69%, while Institutions and Non-Institutions held 16.85% and 24.46% respectively.

Indoco Remedies has received final approval of its Abbreviated New Drug Application (ANDA) for Febuxostat Tablets 40 mg and 80 mg, which is therapeutically equivalent to the Reference Listed Drug (RLD), viz, Uloric Tablets 40 mg and 80 mg of Takeda Pharmaceuticals U.S.A., Inc. The market size of Febuxostat tablets in USA is over $500 million. Febuxostat is used for the treatment of gout caused by excessive levels of uric acid in the blood (Hyperuricemia).

Indoco Remedies is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs) in India.

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