Concord Biotech Ltd receives ANDA approval from USFDA for Mycophenolate Mofetil for Oral Suspension USP

Concord Biotech Limited has received approval from the U.S. Food and Drug Administration (USFDA) for its ANDA for Mycophenolate Mofetil for Oral Suspension USP, 200 mg/mL. Mycophenolate mofetil is an antimetabolite immunosuppressant indicated for the prophylaxis of organ rejection in adult and pediatric recipients 3 months of age and older of allogeneic kidney, heart or liver transplants, in combination with other immunosuppressants.

According to market estimates, the U.S. market for Mycophenolate Mofetil is approximately US$ 30 million. The approval positions the Company to capitalize on these attractive market opportunities, enhance its product offerings, and support its long-term growth strategy across the U.S. and international markets.

Shares of Concord Biotech Limited was last trading in BSE at Rs. 1200.20 as compared to the previous close of Rs. 1166.80. The total number of shares traded during the day was 354664 in over 14592 trades.

The stock hit an intraday high of Rs. 1272.75 and intraday low of 1188.75. The net turnover during the day was Rs. 437763728.00.

Source : Equity Bulls

Keywords

ConcordBiotech Pharmaceuticals INE338H01029 ANDAApproval USFDA MycophenolateMofetil