Dishman Pharmaceuticals is up sharply today, extending previous session's hefty gains, after the company said that its partner Tesaro Inc has received US Food and Drug Administration nod for cancer drug Zejula capsules.
The stock vaulted to Rs 321.50, a new high, and is currently trading at Rs 307, up 10.5% over Tuesday's closing price.
On the National Stock Exchange, the Dishman Pharma counter has clocked a volume of over 11 million shares so far this morning.
Clarifying on reports about the company bagging USFDA nod for the drug, Dishman Pharmaceuticals said that it has about thirteen molecules in late phase lll development across various customers.
"We believe that the increase in the stock price is based upon market estimation that we are one of the suppliers of the API for "Zejula" capsules, which got approved by the US FDA as per the press release given by Tesaro lnc. Since the company does not manufacture the innovator's end product in CRAMS segment, it is Tesaro lnc., which has received the US FDA approval for cancer drug Zejula Capsules and not Dishman Pharmaceuticals and Chemicals Limited, as mentioned in the news item recently", Dishman said.
