Alembic Pharmaceuticals - Gets tentative approval from USFDA for Celecoxib: Angel Broking

Views of Ms. Sarabjit Kour Nangra (VP Research - Pharma, Angel Broking) on Alembic Pharmaceuticals-Gets tentative approval from USFDA for Celecoxib

"Alembic Pharmaceuticals got tentative approval from US Food and Drug Administration (USFDA) for its generic anti-inflammatory drug Celecoxib oral capsules 50 mg, 100mg, 200 mg, 400 mg. GD Searle LLC division of Pfizer Inc is the innovator of this drug. Companies like Teva, Mylan, Watson, Lupin and Apotex have been selling Celecoxib drug, which is one of Pfizer's billion dollar drugs and has a US$ 2bn size. Though the drug is tentatively approved and already being sold by many competitors, we believe the drug can contribute to the overall sales, given the size of the company when approved. We retain our numbers and Neutral rating on the stock."

Shares of ALEMBIC PHARMACEUTICALS LTD. was last trading in BSE at Rs.661 as compared to the previous close of Rs. 679.2. The total number of shares traded during the day was 67627 in over 2848 trades.

The stock hit an intraday high of Rs. 698 and intraday low of 657. The net turnover during the day was Rs. 45464079.

Source : Equity Bulls

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