Shilpa Medicare rises 3% on USFDA approval for Imatinib Mesylate tablets

Shares of Shilpa Medicare rose 3.8 percent intraday Friday after company received US Food and Drug Administration (USFDA) approval for its ANDA, Imatinib Mesylate Tablets, 100 mg and 400 mg.

Imatinib Mesylate Tablets is a generic equivalent of the reference listed drug (RLD), gleevec Tablets, 100 mg and 400 mg used in the treatment of leukemia as recommended in the label approved by FDA.

As per IQVIA MAT Q2 2018 data, the US market for Imatinib Mesylate Tablets is approximately USD 885 million.

At 11:02 hrs Shilpa Medicare was quoting at Rs 405.40, up Rs 10.30, or 2.61 percent on the BSE.

The share touched its 52-week high Rs 605.00 and 52-week low Rs 357.95 on 23 January, 2018 and 23 July, 2018, respectively.

Currently, it is trading 32.99 percent below its 52-week high and 13.26 percent above its 52-week low.