Shares of this pharma company surged over 10% today!

The company received US FDA approval for new drugs. 

About the Approval    

Shilpa Medicare has received U.S Food and Drug Administration (USFDA) final approval for its Abbreviated New Drug Application (ANDA), Apremilast Tablets, 10 mg, 20 mg, and 30 mg for the treatment of adult patients with active psoriatic arthritis. The product is executed from a contract manufacturing site.

Apremilast Tablets, 10 mg, 20 mg, and 30 mg, are the generic equivalents of Celgene's reference listed drug (RLD) OTEZLA. Apremilast Tablets, 10 mg, 20 mg, and 30 mg have a market size of roughly USD 3.55 billion in the United States at the end of fourth quarter. 

Price Action Of SHILPA MEDICARE   

Shilpa Medicare is currently trading at Rs 257.70, up by 24.50 points or 10.51% from its previous closing of Rs 233.20 on the BSE. The scrip opened at Rs 246 and has touched a high and low of Rs 259 and Rs 246 respectively. So far 79446 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 1 has touched a 52-week high of Rs 503.05 and a 52-week low of Rs 222.40. Last one week high and low of the scrip stood at Rs 259 and Rs. 232.45 respectively. The current market cap of the company is Rs 2236.88 crore.

The promoters holding in the company stood at 50.01%, while Institutions and Non-Institutions held 15.94% and 34.04% respectively.

Company profile    

Shilpa Medicare Limited (SML) began operations as an API maker in 1987 in Raichur, Karnataka, India. The SML began commercial production in November 1989. Shilpa Medicare Ltd is now a global name in the development and delivery of low-cost API and formulations in several regulated sectors. 

Shilpa Medicare manufactures high-quality Active Pharmaceutical Ingredients (APIs), Intermediates, Formulations, Innovative Drug Delivery Systems, Peptides, Biotech goods, and Specialty chemicals utilising modern technology. SML is one of the world's major providers of Oncology/Non-Oncology APIs and intermediates.