Aurobindo Pharma Stock Rallies On Kidney Disease Drug ApprovalĀ
Aurobindo Pharma Ltd. stock surged to the highest level in nearly two months after it got the U.S. drug regulator's approval for launching generic versions of kidney disease drug Renvela.
The Food and Drug Administration gave its final approval to manufacture Sevelamer Carbonate oral suspension, a therapeutic equivalent of Genzyme Corp.'s Renvela, the Hyderabad-based company said in its press release. The drug is administered to control serum phosphorus in patients with chronic kidney disease, who are on dialysis.
The drug had an estimated market size of $140 million for the twelve months ending April 2017, according to IMS data cited by Aurobindo Pharma.
The drugmaker's shares rose as much as 6.52 percent to Rs 641.35 before drifting to Rs 637 as of 11:40 a.m.
Another Win For Unit VII
This is the 116th Abbreviated New Drug Application approval out of Aurobindo Pharma's Unit VII formulations facility in Hyderabad. The drugmaker has 323 such approvals in place. 50 out of the 115 pending approvals are also from the Unit VII facility.
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